Sturgeon County approved municipal tax exemptions of up to two per cent for large-scale investments to enhance its domestic and global competitiveness.
The Major Investment Incentives Bylaw offers investors tax exemptions on eligible capital costs for new or expanded value-added agriculture and solar power production projects undertaken in the County.
“Sturgeon County is committed to attracting large-scale, long-term investment that drives the local economy and creates jobs for our residents,” said Mayor Alanna Hnatiw. “We must position ourselves to attract businesses, and these incentives position the County as a premier investment destination in our target industries.”
These incentives have the potential to attract investment in projects that will bring in millions in municipal tax revenue over their lifetimes. The municipal tax revenue from these projects will far exceed the incentive amounts.
“At a time when development costs are rising, these tax incentives can help us secure investment by closing the gap for investors that face high capital, labour and transportation costs in Alberta,” said Michael Richard, acting director of Economic Innovation and Growth.
To be eligible for tax incentives, value-added agricultural projects in Sturgeon County must have an investment of at least $20 million. If projects meet eligibility criteria, they could access municipal tax exemptions of either 1.5 or two per cent of eligible capital costs.
Solar power production projects in Sturgeon County’s portion of Alberta’s Industrial Heartland must have an investment of at least $200 million. If projects meet eligibility criteria, they could access municipal tax exemptions of one per cent of eligible capital costs.
The Major Investment Incentives Program is complementary to the County’s existing energy value chain incentives, and incentives offered by the provincial and federal governments. Reviews are underway to consider additional sectors that may merit inclusion within the incentives program.
Sturgeon County will start accepting applications in early 2023.
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