The Irish Finance Minister on February 27 brought into force Section 51(1) of the Finance Act 2007 (No. 11 of 2007) with order Finance Act 2007 (Commencement of Section 51(1) Order 2009. The order provides for the extension of provisions for tax relief on renewable energy projects until December 31, 2011 under section 486B of the Taxes Consolidation Act 1997.
Section 486B of the Taxes Consolidation Act 1997, provides tax relief for corporate investment in certain renewable energy products.
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 (now the Minister for Communications, Marine and Natural Resources.)
The investment in respect of which relief can be claimed is capped at the lesser of 50% of all capital expenditure or EUR9.525m for a single project.
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