Business Tax Incentive
no fixed amount
Tax Credit
Description:
The City of Corner Brook generous tax incentives to new businesses locating in the Lundrigan Business Park, Watson’s Pond, and Maple Valley Industrial Parks.
Comments on Funding:
Businesses that meet the requirements are entitled to the following incentives:
1. 100% exemption for the first year when that business would otherwise be responsible for the business tax;
2. 80% exemption for the second year;
3. 70% exemption for the third year;
4. 40% exemption for the fourth year.
Rolling deadline
Eligibility:
Applicants must be:
1. located in Lundrigan Business Park, Watson’s Pond, and Maple Valley Industrial Parks;
2. new businesses.
An industry relocating from areas of the City of non-conforming use are not eligible for the exemption unless the property vacated conforms to the zone use within six months from date of being vacated.
Application Steps:
No specific application steps have been identified.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
About the author
Maurice
