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S.I. No. 285/1994 - Finance Act, 1987 (Designation of Urban Renewal Areas) (No. 2) Order, 1994.

S.I. No. 285 of 1994.

FINANCE ACT, 1987 (DESIGNATION OF URBAN RENEWAL AREAS) (NO. 2) ORDER, 1994.

I, BERTIE AHERN, Minister for Finance, in exercise of the powers conferred on me by section 27 of the Finance Act, 1987 (No. 10 of 1987), as amended by section 36 of the Finance Act, 1994 (No. 13 of 1994), and after consultation with the Minister for the Environment, hereby direct as follows:

1. This Order may be cited as the Finance Act, 1987 (Designation of Urban Renewal Areas) (No. 2) Order, 1994.

2. The definition of "designated area" contained in section 41 of the Finance Act, 1986 (No. 13 of 1986), shall include each of the areas described in Part II of the Schedule to the Urban Renewal Act, 1986 (Designated Areas) Order, 1990 ( S.I. No. 204 of 1990 ), and in Part II of the Schedule to the Urban Renewal Act, 1986 (Designated Areas) (No. 2) Order, 1990 ( S.I. No. 289 of 1990 ).

3. As respects the areas described as aforesaid, the definition of "qualifying period" in sections 42 , 44 and 45 of the Finance Act, 1986 , as amended by section 35 of the Finance Act, 1994 (No. 13 of 1994), shall be construed as a reference to the period commencing on the 1st day of May, 1990, and ending on the 31st day of July, 1994.

4. The Finance Act, 1987 (Designation of Urban Renewal Areas) (No. 2) Order, 1993 ( S.I. No. 245 of 1993 ), is hereby revoked.

GIVEN under my Official Seal, this 22nd day of September, 1994.

BERTIE AHERN,

Minister for Finance.

EXPLANATORY NOTE.

This Order declares certain areas in Dublin, Cork, Galway, Limerick, Waterford, Ballina, Bray, Carlow, Clonmel, Drogheda, Ennis, Longford and Portlaoise to be designated areas for the purposes of incentive tax reliefs for urban renewal provided for in the Finance Act 1986 , comprising of capital allowances for commercial buildings, owner-occupier allowance for residential premises and double rent allowance for commercial and industrial premises. The Order also prescribes, in relation to the areas, the period of the availability of these incentives, and revokes an earlier Order which has now expired.