The application and approval processes have been made simpler to encourage more applications. The deadline for receiving completed applications is 4:00 pm on Friday, 16 September 2016.
Applications pertaining to work not yet started or completed must be pre-approved before the actual work is undertaken. Applications for work that has already commenced or which has been completed will also be considered provided the relevant building permit was obtained in 2016.
In both cases, all work must be completed before 31 December 2016.
Approved projects will be given a one-time tax credit of 50% of the total actual expenses, subject to a maximum credit limit of $10,000.
A property can be considered only once under the BIP.
Applications must be complete in all respects to be considered. An evaluation committee will examine all applications according to established, pre-defined criteria. It should be emphasized that the total tax credit budget for 2016 is $50,000 and that some applications, even though complete, may not qualify for this tax credit.
For more information on BIP 2016, please contact the Business Facilitator Manas Mukhopadhyay, 637-1551, email@example.com