New Business Tax Incentive

New businesses opening in the City of Princeton are eligible to apply for the New Business Tax Incentive, a program that waives B&O Taxes for the first year of business within Princeton City limits. This incentive is offered by the Princeton City Council to encourage the growth of new business in the City. If granted, the tax incentive provides for a complete 100% waiver of the B&O tax for the first year of operation. However, you still need to turn in the quarterly filings so we can have a basis of understanding for the business. When evaluating applications for the tax incentive, the council considers many factors. By completing the application with as much detail as possible, the applicant will increase the speed by which the application is decided. Things such as size, gross revenue, the nature of the business, and other businesses owned by the applicant are taken into consideration. It is the intent of the council that the incentive is granted to a business, person, corporation, or entity only once. The termination of a business and subsequent reopening thereof under another name shall not be deemed to be an entity that is eligible to receive the tax incentive. The opening of a business in a location that previously housed a similar business does not constitute a new business, even if the original business has been gone from that location for a period of time. Additionally, a business, person, or entity that has applied for and received the B&O tax incentive and then moves or otherwise relocates outside the city limits of Princeton within 24 months after the most recently approved B&O Tax Incentive shall then reimburse the City for the total amount of B&O Tax that was subject to the B&O Tax Incentive. Questions about the Business and Occupation Tax Incentive should be submitted through the "Help" tab or directed to the City Clerk at 304-487-5024.