Scaled Tax Program

Amount:

no fixed amount

Type:

Tax Credit

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:
1. 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);
2. have submitted a new business application or occupancy permit with the City of Mount Pearl and have no other locations or franchisers;
3. have no outstanding debts to the City;
4. are within 3 years of business incorporation;
5. 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:

Maurice

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Canada to identify and maximize funding to grow their business.

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