Category Archives: Economic Development

Town Council Approves New Business Tax Incentive

Town Council Approves New Business Tax Incentive Business Economic Development GULL LAKE  Town Council Small Business Mayor's Report

Town Council has approved a new business tax incentive for entrepreneurs who purchase a vacant commercial building to set up a business.

New Business Vacant Commercial Property:

Persons or Corporations, who purchase a building which has been vacant, and open and operate a new business in that building, shall receive the following abatements:

100% exempt in year one

50% exempt in year two

25% exempt in year three

Full taxation in year four

This exemption does not apply to the sale of an existing business or relocation of an existing business.

For more information on tax incentives available for Commercial and Residential property see our Development Page.

Mayor Campbell

« Older Entries