Dáil Éireann Debate, Wednesday - 5 May 2004
87 Mr. R. Bruton asked the Minister for Finance if an order has been made bringing into force the provisions of section 43 of the Finance Act 2002 in respect of wind farms; and if he will make a statement on the matter. [13006/04]
View answerSection 43 of Finance Act 2002 provided for an extension of the qualifying period for tax relief for corporate investment in certain renewable energy projects from 17 March 2002 to 31 December 2004. EU state aid clearance for this measure was necessary. A commencement order cannot bring the tax provision into effect until state aid clearance is confirmed. The Department of Communications, Marine and Natural Resources is responsible for obtaining State aid clearance for this measure. A formal notification to extend the period of the tax relief for corporate investment in renewable energy generation was subsequently notified to the EU Commission after market interest in the measure was confirmed. The Budget Statement in 2004 provided for a further extension of the qualifying period from 31 December 2004 to 31 December 2006. The initial notification was subsequently amended to take into account the new termination date. A response from the EU Commission is awaited.
