Tue | May 24, 2016

Renewing downtown on a TIP

Published:Tuesday | February 12, 2013 | 12:00 AM
The Nat Larmans and Son Optical Repairs building at the intersection of John's Lane and Sutton Street received a paint job.
First Global Financial Centre at the corner of Duke and Harbour streets in downtown Kingston.
The Image store on Orange Street in downtown Kingston.
Painters putting on a fresh coat of paint on this building at Pechon Street, downtown Kingston.
A patron enjoys lunch at the new streetside eating area set up by the operators of the Bamboo Restaurant in John's Lane, downtown Kingston. - Photos by Norman Grindley/Chief Photographer
Wayne's Sports Bar in John's Lane, downtown Kingston, gets a facelift as the stretch of roadway between Sutton Street and East Queen Street enjoys a rebirth similar to that proposed by K.D. Knight for one street at a time.
The new Tastee branch on Harbour Street in downtown Kingston.

The Tax Incentive Programme (TIP) is an initiative by the Government to encourage and facilitate development in urban areas defined as 'blighted' or in need of revitalisation.

Through the TIP, the Government gives tax relief as an incentive to individuals or companies undertaking capital investments in either land or buildings in social development areas.

The programme is consistent with the Government's policy to provide opportunities to enable private-sector entities to become full participants in the country's development thrust. It focuses on attracting private investment capital to fuel urban renewal and growth.

Over the past 12 months, we have shown you the changes taking place in the market district, with others coming on stream shortly.

Here is a reminder of some of the changes.

There are four types of incentives

  1. Urban renewal bonds
  2. Investment tax credit
  3. Tax relief on rental income
  4. Exemption from transfer tax and stamp duty.

Application forms for the TIP can be collected at the Urban Development Corporation.