21 Oct How the new business tax incentive is helping Estevan businesses.
Did you know that the Estevan Economic Development Board has incentives available for new and growing businesses in Estevan? Well, it’s true. New and growing businesses can qualify for up to five years of no taxes! A three-year municipal tax exemption is available to any business that has constructed a new building or facility or made substantial improvements or expansions to an existing building. For businesses in Agri-value/processing, greenhouse technology, geothermal energy, renewable energy, or manufacturing/warehousing, there is another two years of 100% municipal tax exemption available.
“These incentives were developed with a number of community improvement goals in mind.” explained Coal Transition and Economic Development Coordinator Richard Sadick. “These improvements include increasing property sales, increasing property rentals, savings for local businesses, and supporting local contractors.”
The incentives include a full 100% municipal tax exemption for three years for new or growing businesses who choose to construct a new building or facility within Estevan. For a new entity purchasing an existing commercial property within Estevan, there is an available municipal property tax exemption of up to $10,000 per year for 3 consecutive years. New businesses that are renting or leasing an existing vacant commercial property within the city of Estevan, who enter into a triple-net lease with the building owner, are also entitled to a municipal property tax exemption of a maximum of $10,000 per year for 3 consecutive years. Businesses operating in the six investment priority areas as identified by the Economic Development Board are entitled to an additional two years of municipal tax exemption.
If you are in the process of starting a new business, or growing a current business, and think you qualify for this incentive, you can find more details and the application form at HERE.Here you can also find direct contact information for our Coal Transition and Economic Development Coordinator, Richard Sadick.
*Terms and conditions apply. All applications are subject to the approval of the Estevan Economic Development Board.