Paul Kehoe
Question:275 Mr. Kehoe asked the Minister for Arts, Sport and Tourism if funding is available for a project (details supplied). [14194/04]
View answerTuesday, 18 May 2004
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Written answers
My Department operates the business expansion scheme for the music industry. Details of the scheme are in section 496(8) of the Taxes Consolidation Act 1997.
The Finance Act 1996 broadened the scheme to include investment in qualifying musical recordings and the Finance Act 2004 extended it to the end of 2006. The tax incentive scheme allows an individual to obtain income tax relief on investments of up to €31,750 in each tax year on a qualifying musical project. There is limit on investment of €1 million. No other funding is available from my Department to assist with the launch of albums.