The City of Corner Brook has made some changes to its Business Improvement Program, which offers a substantial tax credit for businesses looking to enhance the exterior of their properties.
The amendments approved recently by city council include making the tax credit eligible to be used within up to three years. Previously, it had to be used within one year.
Business and property taxes are also now eligible to be used for the same property. Until now, only one or other could be used under the program.
The Business Improvement Program offers a tax credit of up to 50 per cent of the project’s value, with a maximum of a $10,000 credit. The city has allocated a total of $50,000 in credits for 2018.