In order to promote the provision of park and ride facilities, in the Finance Act 1999 I introduced accelerated capital allowances of up to 100% 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. Guidelines on the operation of the scheme were issued by the Minister for the Environment and Local Government in August 1999. The guidelines set out various criteria which a park and ride development and residential developments located at park and ride facilities must meet to qualify under the scheme. Certification of a development for the purposes of obtaining relief under the scheme is carried out by certain local authorities.
The Finance Act 1999 also provided for capital allowances for commercial developments located at these park and ride facilities. Guidelines in regard to the commercial development element of these park and ride facilities were issued in July 2001 after discussions with EU Commission officials on State aid rules.
In my recent budget I extended the qualifying period from 31 December 2004 to 31 July 2006, provided a planning application has been received by a planning authority by 31 December 2004. Based on the latest information received from the Department of Transport, one application for certification to avail of the capital allowances has been made.