The County of Grande Prairie will be launching a new business incentive program.
The program will offer tax saving’s to potential companies that are looking to either build or expand the company.
The program was created through a new Business Incentives Bylaw, and will offer two different types of support to companies.
One incentive will be sector based for businesses who are currently participating in the Alberta government tax incentive programs such as petrochemicals, agri-processing, or carbon capture. They can qualify for property tax reductions on non-residential and machinery and equipment assets for 2.5% of credit equivalent. The 2.5% will be awarded as a declining exemption, that will cover up-to 80% of property taxes each year, for up to 10 years.
The other incentive will offer up to a 25% rebate on property tax exemption that spreads over five years. That will cover up to 25% of required County infrastructure upgrades, such as road access and for projects that are over $5 million that do not qualify for sector-based incentives.
The County’s Director of Economic Development Jordan Tidey says that this program will help improve possible future jobs in the area.
“The Business Incentives Program opens up a new way of working with investors. It sets us apart, helping to attract projects that will bring jobs and long-term value to our region.”
The new program plans to improve future investment in the county.
