Vol. 530 No. 6
51 Mr. Deenihan asked the Minister for Finance if he has completed his review of the rural tax incentive scheme in the upper Shannon counties; if he will consider extending this scheme to other disadvantaged rural areas; and if he will make a statement on the matter. [4529/01]
The rural renewal scheme was introduced in the 1998 Finance Act. The relief for rented residential property was introduced with effect from 1 June 1998 and the scheme was amended in the 1999 Finance Act to also include owner occupied residential property as qualifying premises. The business elements of the scheme were approved by the European Commission in June 1999 and introduced with effect from 1 July of that year. This delay in introducing the scheme in its entirety has resulted in the full range of the reliefs available under the scheme being in place for less than two years and, as I said before, it is too early to consider the extension of the scheme beyond the areas designated. The monitoring and review of the scheme is ongoing and will be among the considerations which will inform any decision regarding the extension of the scheme to other rural areas.
