C-47.1 - Municipal Powers Act

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92.3. The effect of the tax credit is to compensate all or part of the increase in the amount payable in respect of the immovable for property taxes, modes of tariffing and transfer duties if the increase results from
(1)  construction work on or alterations to the immovable;
(2)  occupation of the immovable; or
(3)  relocation to the immovable of an enterprise already present in the territory of the municipality.
The tax credit may not exceed the amount corresponding to the difference between the amount of the property taxes, modes of tariffing and transfer duties payable and the amount that would have been payable if the construction, alterations, occupation or relocation had not occurred.
Despite the first and second paragraphs, the credit may not exceed half the amount of the property taxes and modes of tariffing payable in respect of an immovable if the owner or occupant receives government assistance to implement a recovery plan. However, the credit may not be granted for a period of more than five years and must be coordinated with the government assistance.
2006, c. 31, s. 120.