IRELAND: Govt. issues guidelines for park and ride tax incentives
Irish environment minister, Noel Dempsey T.D., has issued guidelines on park and ride facilities setting out the criteria and requirements which park and ride facilities and associated residential development, if any, must meet in order to benefit from the tax incentives provided for in the Finance Act, 1999.
The Minister said, “The tax incentives are aimed at encouraging the participation of the private sector in the development of park and ride facilities in our major cities of Cork, Dublin, Galway, Limerick and Waterford so as to facilitate the increased use of public transport.”
He added, “Park and ride facilities are widely recognised as an important instrument in achieving an integrated approach to urban traffic congestion. Well located facilities of this kind can assist in encouraging commuters to leave their cars in secure parking areas and travel by public transport to the city centre, thereby reducing traffic congestion”.
The provision of tax incentives for park and ride facilities and for any associated residential development within the park and ride facility is intended to make participation in the provision of park and ride facilities attractive to private investors.
The Minister urged local authorities, transport providers and developers to make full use of the tax incentives for the provision of park and ride facilities. The tax incentives which are available for the period to 30 June, 2002 consist of capital allowance of up to 100% in relation to expenditure incurred on the construction of qualifying park and ride facilities.
Certain reliefs are also provided for expenditure incurred on the construction of rented residential accommodation and owner occupied residential accommodation located at a park and ride facility; only expenditure which does not exceed 25% of all expenditure at the park and ride facility will qualify.