Wheatland County is hoping to attract some large investors to the region through a new tax incentive bylaw which was passed at the Tuesday, September 21 regular council meeting.
The new bylaw will provide eligible investments with a 40 per cent exemption on municipal property tax for non-residential improvements, for three years from the first fully taxable year, and will apply to both new investments and expansions.
“We need employment opportunities that are well paid, have prospects for career advancement, and will capitalize on our long-standing, strong work ethic that built Wheatland County,” said Wheatland County Reeve Amber Link in a press release. “We need these opportunities to retain our youth. We know Wheatland County is the best place to live and work, and we are making it the best place for businesses to locate and grow.”
Changes to the Municipal Government Act (MGA) in June 2019 allow municipalities to offer incentives to reduce, exempt, or defer property tax collection for non-residential properties for up to 15 years. This change will bring Alberta in line with other jurisdictions including Saskatchewan and British Columbia.
“Eligible investors must have an increase in assessable improvements and/or machinery and equipment of $10 million over the base assessment year,” says Tracy Buteau, general manager of Corporate and Financial Services. “The tax incentive is a vital part of positioning Wheatland County as being the best investment destination for business.”
The bylaw will help Wheatland County increase its non-residential tax base and signal the county is serious about competing for large projects. Wheatland County is set to be one of the first Albertan municipalities to implement a municipal property tax incentive, further adding to its attractiveness as a business location.
