Green Party Senator Mark Dearey has welcomed new regulations to control recreational activities in sensitive nature areas like along the River Boyle, in the Baltray Boyne estuary area and on Bettystown and Laytown sand dunes.
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Dearey Welcomes Tax Incentive for Energy-Saving Business
Cllr Mark Dearey welcomed the introduction in the Finance Bill, published this week, of a new scheme aimed at supporting investment in new energy-saving equipment by companies. “Section 42 of the Finance Bill introduces a new section into the Taxes Consolidation Act 1997. Capital allowances of 100% of the cost will be available to those companies investing in high energy-efficient equipment." Dearey explained.
Expenditure on high energy-efficient equipment above a minimum figure in the three categories listed below will qualify for 100% accelerated capital allowances in the year of purchase. The minimum expenditure required will be €5000 for Building Energy Management Systems, €3000 for Lighting initiatives and €1000 for Motors and Drives. This new tax incentive will encourage business to invest in energy-saving equipment. The scheme allows businesses to write off the whole cost of designated equipment against taxable profits in the year of purchase.
Cllr Dearey continued, “This really is great news for business owners who are keen to make changes to the way their business is run. The capital allowances incentive will make introducing energy efficient appliances and schemes into the operation of your business significantly more attractive. Businesses are often tempted to opt for lowest cost equipment. However, such immediate cost savings often prove to be false economy. Investing in energy-saving equipment will reduce annual running costs through increased efficiency and lower energy bills every year for the lifetime of the equipment. It is also a straightforward way for business to improve its cash flow through accelerated tax relief.”
“Irish businesses face serious competitiveness challenges in the marketplace. Reducing energy costs is a key factor in improving Ireland’s competitiveness. Saving energy is also one of the quickest and cheapest ways to reduce carbon emissions. Currently, we use far more energy than is required. This scheme will assist the business community in becoming more energy conscious and in reducing their overall environmental impact. Now, businesses wishing to improve their cash flow, save in long-term energy costs and reduce their carbon emissions can do so in one fell swoop by availing of this new incentive. This initiative, which will run until Dec 2010, is good news for the environment, for competitiveness and for the bottom line.” concluded Dearey.
Note for Editors:-
· The list of equipment will be established, and may be amended, by order of the Minister for Communications, Energy and Natural Resources. Sustainable Energy Ireland will be responsible for maintaining the list.
· The scheme will be confined to new energy-efficient equipment purchased by companies and will not apply to equipment that is leased, let or hired.