Dáil Éireann Debate, Tuesday - 15 July 2014
262. Deputy Terence Flanagan asked the Minister for Finance the tax reliefs and incentives that are in place to address an issue regarding the condition of the city centre (details supplied); if he will consider doing more in budget 2015; and if he will make a statement on the matter. [31479/14]
Amharc ar fhreagraThe Deputy will be aware that I announced in my last Budget Statement that the Living City Initiative, which was enacted in the Finance Act 2013, would be extended to now include the cities of Dublin, Cork, Galway and Kilkenny as well the original target cities of Limerick and Waterford. The inclusion of these four cities within the Initiative followed the results of a thorough independent ex ante cost benefit analysis.
The Living City Initiative is a targeted pilot tax incentive which aims to encourage people back to the centre of Irish cities to live in older buildings, and encourage the regeneration of central business districts.
The Initiative will provide tax incentives for works performed to refurbish residential and retail buildings either to bring them up to a habitable standard or to make improvements to buildings which are currently inhabited. The residential incentives will be targeted at owner/occupiers rather than property developers or the rental sector.
The application for State Aid approval has been submitted to the European Commission.
