The purpose of this Bill is to extend the period within which a new building must be begun or completed in order to obtain a partial suspension of an increase in valuation under the Local Government Act, 1927.
Remissions of rates on new buildings are designed to promote employment by encouraging business enterprise. The Local Government Act of 1927 enabled a reduction of two-thirds to be made in any increased valuation for a period of five years from the date of the increase or for the period from such date up to that in which a general revision of valuation became effective in an area, whichever was the shorter. The period originally fixed within which the new work should have been completed to enable such benefit to be secured ended on 1st October, 1930. By an amending Act of 1930 this date was advanced to 1st October, 1933, and in view of the representations which have been received it is now proposed to extend the date to 1st October, 1938.
These remissions do not apply to houses erected under the Housing Acts or the Housing (Gaeltacht) Act, 1929, which are otherwise provided for, nor do they apply to cottages erected under the Labourers Acts. The Bill contains no new principle; it merely continues the existing practice for five years longer.