Vol. 555 No. 1
152 Mr. Deenihan asked the Minister for the Environment and Local Government if an evaluation of the urban tax scheme has been carried out; if improvements will be made to the scheme in the forthcoming budget; and if he will make a statement on the matter. [17446/02]
I assume that the question refers to the current urban renewal scheme.
Significant progress is being made under the urban renewal scheme. Based on statistical returns submitted by county councils to date the total value of projects completed is €97 million, work in progress is valued at €520 million, with projects in planning valued at €1,476 million, giving an overall investment level of in excess of €2 billion. It would be reasonable to estimate a total investment figure of some €3 billion over the life of the scheme.
The extension of the scheme from 31 December 2002 to 31 December 2004 and greater availability of section 23 reliefs introduced in the Finance Act, 2002, has given additional impetus. I am satisfied with the progress being made and have no proposal to amend the scheme.
