Scaled Tax Program

By mmuise
Description:

The Scaled Taxation Program provides new businesses with financial incentives to establish roots in Mount Pearl.


Comments on Funding:

Funding will be in the form of a 4-year scaled tax break based on the assessed business tax value of the proposed company. The city will award up to $5,000 per year to each approved applicant in the form of annual tax incentives. The tax incentive will be distributed as follows:
1. Year 1: the business pays 20% and the city provides 80%;
2. Year 2: the business pays 40% and the city provides 60%;
3. Year 3: the business pays 60% and the city provides 40%;
4. Year 4: the business pays 80% and the city provides 20%;
5. Year 5: the business pays 100% and the city provides 0%.

Deadline: Rolling deadline
Eligibility:

The applicants must be businesses who:

  • operate a business in either the Craft, Retail, or Technology industry sectors (other sectors may be approved at City Council’s discretion if the business can demonstrate a viable economic impact on the community);
  • have submitted a new business application or occupancy permit with the City of Mount Pearl and have no other locations or franchisers;
  • have no outstanding debts to the City;
  • are within 3 years of business incorporation;
  • are registered businesses with Service NL (or in application process) and with the Government of Canada.
Application Steps:

Applicants must submit the application form in an envelope clearly marked, or as a PDF attachment via email with the subject line, “Scaled Taxation Program Application”. Applications can be dropped off in person, by mail, or emailed to:

The City of Mount Pearl

3 Centennial Street

Mount Pearl, NL A1N 1G4

Attention: Jeremy Schwartz, Marketing and Economic Development Officer

Email: jschwartz@mountpearl.ca

Documentation Needed:

The applicants must submit:
1. proof of registration with Service NL (or proof of application);
2. proof of registration with the Government of Canada;
3. a business plan or expansion outlook that provides an overview of growth plans;
4. a job outlook that identifies the number of jobs the organization will create over the next 3-5 years;
5. an outline of the economic viability of the project and the benefits it will provide to the community.

Other Things to Note:

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About the author
mmuise