NEW BUSINESS TAX POLICY
Policy No. 6-2014
1. NEW BUSINESS CONSTRUCTION:
1) The Town will provide a land and building tax exemption for the business owner for the year in which construction of the new business is commenced and the following two years, except in cases where there is already a similar business located in Town.
2) The business owner must own the land being developed.
2. NEW BUSINESS ESTABLISHED IN EXISTING BUILDING:
1) The Town will provide a land and building tax exemption for the new business owner for two years, except in cases where there is already a similar business located in Town.
2) The business owner must own the land and buildings.
3) Business incentives do not apply to home-based businesses.
3. NEW INDUSTRIAL OR MANUFACTURING BUSINESS:
1) The Town will provide a three year land and building tax exemption for the owner of a new industry or manufacturing business.
2) In the 4th year of operation, the Town will apply a credit of $500.00 for each full time employee to the owners’ land and building taxes (i.e. 5 employees = $2,500.00).
3) In the 5th year of operation, the Town will apply a credit of $250.00 for each full time employee to the owners’ land and building taxes.
Tax credits which are accumulated in the 4th and 5th year which exceed the current year’s tax levy are not refundable and are not eligible to be carried over to the next year.
4. CONDITION FOR BUSINESS INCENTIVES:
1) Business incentives granted shall be conditional to that business being in active operation.
5. AVAILABLE LAND:
1) The Town of Asquith has some lots available on Main Street for commercial development and Council is willing to discuss the sale of this property. The Council of the Town of Asquith meets on the second Wednesday of each month and may be open to flexibility on the above incentives.
6. IMPLEMENTATION OF GUIDELINES FOR INCENTIVES:
1) The above guideline for incentives shall be authorized and implemented only by resolution of the Council of the Town of Asquith for each incentive granted.
The Town of Asquith would like to make your start in our community as smooth and successful as possible!
Policy effective: December 10, 2014