The Minister for the Environment, Mr Dempsey, has outlined measures by which private developers may avail of tax breaks to build park and ride sites for public transport. Mr Dempsey said a little-known facility in the 1999 Finance Act provided tax breaks to developers who provided park and ride sites in association with their normal commercial residential developments.
Guidelines are being issued to potential developers of such sites.
The tax incentives are available for the period to June 30th, 2002, and include capital allowances of up to 100 per cent in relation to expenditure incurred on the construction of qualifying sites.
Certain reliefs are also provided for expenditure incurred on the construction of rented residential accommodation and owner-occupied residential accommodation located at park and ride sites. This relief will not exceed 25 per cent of the total cost of the development of accommodation and a park and ride facility.
Mr Dempsey said the tax breaks would make participation in the provision of park and ride sites attractive to developers, thus easing transport congestion.
The park and ride schemes would, he said, offer benefits for the car-driver in the form of less congestion and more affordable parking charges; offer public transport companies more passengers; allow local authorities better management of the roads and enable the general public to enjoy a better environment.
He said the tax incentives were designed to "encourage 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 use of public transport".
Copies of the guidelines are available from the relevant local authorities, the Department of the Environment and Local Government and the Department of the Environment's website.
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