Business Tax Incentive
Amount:
No Fixed Amount
Type of Program:
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:
- 1100% exemption for the first year when that business would otherwise be responsible for the business tax;
- 280% exemption for the second year;
- 370% exemption for the third year;
- 440% exemption for the fourth year.
When It Ends:
Ongoing
Deadline:
Rolling deadline
Eligibility:
Applicants must be:
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.
