Scaled Tax Program

Amount:

No Fixed Amount

Type of Program:

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%.

When It Ends:

Ongoing

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:

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.