Council approves deferrals on Business Improvement Area Tax Levy payment penalties
Yesterday, City Council announced relief for businesses in Business Improvement Areas.
On March 30, 2020, City Council approved the deferral of Business Improvement Area (BIA) Tax Levy payment penalties until at least August 31, 2020. Businesses that are in financial hardship and cannot make their payments by the March 31, 2020 deadline can defer their payments and will not be charged late penalties.
Businesses Improvement Area members that are able to pay their BIA tax payment on schedule are encouraged to do so to help keep the City of Edmonton running during these challenging times.
A Business Improvement Area is a geographic area of the city in which businesses pool resources and work together, through a formal association, to enhance the economic development of their area. The City and BIAs share a commitment to build a vibrant economy. Various areas within the City administration support BIAs in advancing economic development and meeting their operating requirements.
All businesses within a BIA, including professional corporations, are members of the BIA and must pay a BIA tax. This BIA tax goes directly to the BIA association that the business is located in. Programs, services and operations of each BIA are financed by the BIA tax.
The City of Edmonton is required by provincial legislation to collect BIA taxes and distribute those funds in full to each BIA.
The City will continue to support stabilization of the local economy and look to diversification when possible in the future.
COVID-19 has presented significant challenges to individuals, families and businesses. More decisions will be made at the April 15 Spring Operating Budget Adjustment meeting, to ensure the City of Edmonton can manage the budget implications and impacts to Edmontonians during this difficult time.