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If passed, Bill 7 would allow municipalities to provide property tax incentives for up to 15 years, down from the year-to-year incentives they were allowed to provide previously.
“This legislation would empower municipalities to attract investment, create jobs and realize their full economic potential. Municipalities deserve the freedom and opportunity to make the choices that fit them best. I look forward to seeing this legislation bolster investment and economic development across our great province.”
Under the proposed legislation, municipalities could decide how and if they want to implement property tax incentives – as local leaders are best suited to assess the economic needs of their communities.
“We are pleased the province is giving municipalities the ability to be creative in attracting new investments, and that they recognize there is a role for municipalities to play in creating a favourable environment for business and industry. Such incentives are tools that can lay the foundation to create jobs and contribute to the long-term growth and prosperity of communities across Alberta.”
The proposed bill supports government efforts to reduce red tape and uses an outcome-based approach to ensure regulatory processes are necessary, effective, efficient and proportional to the outcomes they are trying to achieve.
“As a developer of commercial, industrial and residential land, I know how important it is for municipalities to offer a business-friendly environment. This new legislation provides some much-needed flexibility for municipalities to be able to work with business to encourage growth that will benefit the entire community.”
- Municipalities could provide property tax incentives for up to 15 years.
- This would give Alberta a competitive advantage over jurisdictions across Canada and the United States.
- Saskatchewan allows property tax incentives for up to five years; B.C. allows them for up to 10.
- Texas enables local tax incentives for up to 10 years.
- Louisiana offers five-year incentives with an option to renew for an additional five years.