Vol. 560 No. 2
94 Mr. Boyle asked the Minister for the Environment and Local Government the allowances being made to allow Passage West, County Cork to take full advantage of its designated area status, after the delay caused through proximity of the town, to Sereso directive listed industrial installations; and if he will make a statement on the matter. [2267/03]
Passage West was designated for tax incentives under the urban renewal scheme of 1999. The Finance Act 2002 extended the qualifying period of the scheme from 31 December 2002 to 31 December 2004 in respect of developments where 15% of the total project cost had been incurred by 31 December 2002. The Minister for Finance has announced that this date will be further extended to 30 June 2003 and provision for this will be made in the Finance Act 2003. This extension is intended to allow additional time for projects in the various integrated area plan IAP areas, including Passage West, to comply with the 15% expenditure threshold in order to qualify for the two-year extension to the scheme.
The Minister for Finance also indicated in budget 2003 that given the current and prospective budgetary position, the existing demand for property investment and the desire to improve equity in the tax system, it is not proposed to continue with the various urban renewal tax incentive based schemes after the end of 2004.
It is important, therefore, that eligible projects are progressed to construction as quickly as possible in order to avail of the incentives and achieve the objectives set in the various IAPs.
