STATUTORY INSTRUMENTS.

S.I. No. 65 of 1999.

FINANCE ACT, 1998 (SECTION 62) (COMMENCEMENT) ORDER, 1999.

S.I. No. 65 of 1999.

FINANCE ACT, 1998 (SECTION 62) (COMMENCEMENT) ORDER, 1999.

I, CHARLIE McCREEVY, Minister for Finance, in exercise of the powers conferred on me by section 62 (2) of the Finance Act, 1998 (No. 3 of 1998) , hereby order as follows:

1. This Order may be cited as the Finance Act, 1998 (Section 62) (Commencement) Order, 1999.

2. The 18th day of March, 1999, is hereby appointed as the day on which section 62 of the Finance Act, 1998 ( No. 3 of 1998 ) shall come into operation.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Order appoints the 18th day of March, 1999 as the date for the coming into operation of section 62 of the Finance Act, 1998 . This section inserts a new section 486B to the Taxes Consolidation Act, 1997 . It provides tax relief for corporate investment in certain renewable energy projects, including those successful in the Third Alternative Energy Requirement competition (AERIII-1997). To qualify for the relief the energy project must be in the solar, wind, hydro or biomass technology categories, and be approved by the Minister for Public Enterprise. The relief is capped at the lesser 50 per cent of all capital expenditure or £7.5 million for a single project. Investment by a company or group is capped at £10 million per annum, and unless the shares are held for at least 5 years by the company the relief will be withdrawn. The relief will be available for a period of 3 years from the commencement date.