“I explained in the Dáil and the Public Accounts Committee that the scheme, as it was defined initially, would have limited it to Georgian houses built up to 1840,” the Fine Gael TD said. “When I looked at the proposal it made sense but from a practical point of view Waterford wouldn’t have benefitted greatly unless there was some significant enough leeway and the Minister has taken that on board.”
Following further consideration, including a cost-benefit analysis, Michael Noonan has broadened the eligibility criteria to include all buildings built prior to 1915. The scheme, piloted in Waterford and Limerick, has also been extended to Kilkenny, Cork, Galway and Dublin. It will be commenced after EU state approval is secured.
The Initiative is designed to encourage renovation of business premises and period properties in the designated cities by offering tax incentives to eligible owner-occupiers, and will also create jobs in the construction sector locally.