Tax exemption bylaw for agricultural processing facilities passed by Red Deer County council
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An agricultural processing tax incentive bylaw designed to attract related developments to central Alberta has been passed unanimously through its first, second, and third readings by Red Deer County council.
On May 28, council voted to implement the tax-exempting bylaw as a step towards growing the region’s role as an economic corridor for logistics, manufacturing, and as a centre for industrial innovation.
“This is everything we’ve been trying to do in terms of economic development and trying to create manufacturing, high-skilled jobs in central Alberta, and agriculture is key to Red Deer County and to our future,” says Dave Dittrick, assistant chief administrative officer. “We want to reduce our reliance on oil and gas revenue as well as revenue in Gasoline Alley and this is just one piece of the puzzle. We’re hoping that this will be the centre for agricultural excellence moving forward.”
To qualify, developments must be related to agricultural processing, be a new or expanded business, and deploy an investment of at least $200 million. Dittrick explains that qualifying projects will then be guaranteed a taxation rate of no more than $1 million per year, for a guaranteed 15-year term.
