Council endorses tax incentive program

Responding to the Agenda for Prosperity's Proactive Toronto: Business Climate recommendations, Toronto City Council has endorsed the creation of a financial incentive program to support the growth and expansion of industrial, technological, research and creative-oriented businesses.

The incentive program as proposed applies to specific economic activities linked to key sectors of the City's economy, and to brownfield remediation related to public policy objectives.

The proposed Tax Increment Equivalent Growth program (TIEG) is anticipated to attract investment in such industries as life sciences - biotechnology, information technology, environmentally friendly products, tourism, film and other screen-based industries, and manufacturing.

Under the proposed program, new development in the eligible sectors would receive a rebate of 60 per cent of the incremental property tax over a 10-year period. Additional grants would be available for brownfield remediation.

The Economic Development, Culture & Tourism Division is in the process of consulting with the business community on the incentive program. The program will be reported to Planning and Growth Management Committee on April 10th and to City Council at its April 28 meeting.

Please use the Word form or the PDF form to comment on the proposed program. You can email the completed Word form as an attachment to incentives@toronto.ca, or print the PDF form, fill it in and fax it to: 416-395-7573.

To learn more about the initiative read Stimulating Economic Growth: Toronto's Approach to Financial Incentives consultation paper. For background information see the Economic Development Committee report.