Changes to the Halifax Regional Municipality (HRM) Charter will create a more transparent and clear process on how the Halifax International Airport Authority is taxed.
Requested by HRM, the change will allow the municipality to enter into a tax agreement with the authority that will avoid the previous practice of having to tax and then rebate.
The Halifax International Airport Authority is exempt from provincial income tax, capital tax and federal large corporation’s tax. Since fiscal 1999-2000, HRM has provided property tax relief to the authority in the form of a development grant agreement, which supports economic development.
“This impressive airport allows HRM to be an international city, attracting business, private investment and competitiveness for the entire province’s economy,” said Municipal Affairs Minister Mark Furey. “Providing property tax relief to international airports is a common practice across the country.”
The agreement will be in effect until March 31, 2019, reflecting similar terms as in previous agreements.
Source: Release