Town of Fort Macleod introduces tax incentive program for businesses

Aug 12, 2020 | 1:00 PM

FORT MACLEOD, AB – Businesses looking to set up shop or expand their operations in Fort Macleod can look forward to some significant tax savings.

Bylaw 1912 Tax Incentives is now in effect.

For companies locating to Fort Macleod or for existing businesses who are opening new locations or expanding their current one, they can qualify for a 100 per cent tax exemption in their first year, 75 per cent in the second year, and 50 per cent in the third year.

“Given the economic downturn in Alberta, we felt the time was now to introduce this program,” says the town’s CAO Sue Keenan.

“It’s important to keep our current businesses here and happy, and a lot of them are looking at expanding, but the real push for us is to get new businesses to relocate to the Town of Fort Macleod.”

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A key strategy for the municipality is to diversify its economy. Keenan hopes that offering an incentive like this will help to attract a wide array of different types of businesses.

Investments of at least $50,000 will need to be made and the tax exemption will apply to the incremental increase in the assessed property value.

“The property has to be located within the geographical boundaries of the Town of Fort Macleod, it needs to qualify as new construction or an expansion to an existing building, and a development permit needs to be in place for the qualifying property,” explains Keenan.

The deadline for applications under Bylaw 1912 is October 1, 2020.

by David Opinko