Derek McDowell
Question:76 Mr. McDowell asked the Minister for Finance the extent of the take-up of the tax incentives introduced to encourage park and ride facilities; and if he will make a statement on the matter. [24699/99]
Vol. 511 No. 4
76 Mr. McDowell asked the Minister for Finance the extent of the take-up of the tax incentives introduced to encourage park and ride facilities; and if he will make a statement on the matter. [24699/99]
Section 70 of the Finance Act, 1999 introduced capital allowances of up to 100 per cent for capital expenditure on the construction or refurbishment of park and ride developments in or near designated urban areas which provide parking facilities for commuters using public transport.
Relief is also available for expenditure on the construction or refurbishment of related residential developments which are located at park and ride facilities. The allowances for residential developments are subject to the following limits. Total expenditure on residential developments must not exceed 25 per cent of total allowable expenditure at a qualifying park and ride facility. The scheme will operate for three years from 1 July 1999.
Guidelines on the operation of this scheme have been issued by my colleague, Mr. Noel Dempsey, Minister for Environment and Local Government, in August of this year. These guidelines set out the criteria which must be met in order to qualify for a development under the scheme. Certification of a development for the purposes of obtaining relief under the scheme is carried out by the relevant local authority.