Municipal Affairs Minister Kaycee Madu has tabled legislation to empower municipalities to offer property tax incentives to business owners for machinery and equipment.
Minister of Municipal Affairs Kaycee Madu announces expanded property tax incentives for municipalities.
In June, the government introduced and subsequently passed Bill 7, the Municipal Government (Property Tax Incentives) Amendment Act, which enables municipalities to offer property tax incentives to non-residential properties for up to 15 years. If passed, the Municipal Government (Machinery and Equipment Tax Incentives) Amendment Act, 2019 would expand those powers to apply to machinery and equipment, as well.
“Our government passed Bill 7 this past summer, as part of our ongoing effort to revitalize municipalities across Alberta. Business and industry stakeholders have been clear that while this was a good move, expanding these tax incentives to include machinery and equipment would be even better. We have listened and introduced this legislation to spur more investment in our communities.”Kaycee Madu, Minister of Municipal Affairs
“Flexibility to offer machinery and equipment tax incentives will help communities attract investment and support local job creation. Municipalities are key provincial partners in fostering a competitive business environment. This amendment to the MGA combined with Bill 7 sends a strong signal Alberta is open for business.”Ken Kobly, President and CEO of the Alberta Chambers of Commerce
The proposed new bill would provide municipalities with the flexibility needed to implement programs that encourage business and industry to operate in their communities.
- The Municipal Government (Property Tax Incentives) Amendment Act was passed earlier this year.
- It empowers municipalities to provide multi-year tax incentives for non-residential properties.
- This proposed legislation would expand the scope of these optional tools to apply to machinery and equipment.
- The bill would ensure flexibility is in place as soon as possible to enable municipalities to implement programs that will encourage investment by business and industry.