Minister extends scheme for further year in Finance Bill 2015 currently before the Dáil
Fine Gael TD for Galway West and Mayo South Seán Kyne has welcomed the positive uptake of the Home Renovation Incentive Scheme in Galway with figures showing 1,691 projects have been carried out on 1,198 homes in the county since the scheme’s introduction.
The Home Renovation Incentive was introduced for a two year period in October 2013 as part of the Finance No.2 Act which gave effect to the measures in Budget 2014. Under Budget 2016, the scheme is being extended for a further year until December 2016.
Commented Deputy Kyne: “The Home Renovation Incentive has proved to be a very user-friendly incentive and its extension for a further year is a very welcome.
“The popularity of the Incentive in Galway is clear with the county having the 4th highest number of applications with projects totalling €24.66 million carried out since the introduction of the scheme two years ago.
“As well as assisting homeowners in making improvements including the building of extensions, the refurbishments of bathrooms, the fitting of new windows and other projects, the scheme has boosted the construction sector including local builders and contractors.
“The Home Renovation Scheme enables homeowners to claim back 13.5% – the equivalent of the VAT rate – of the cost of the works as an income tax credit. The tax credit is payable over two years and is calculated at a rate of 13.5% on all qualifying expenditure over €5,000 up to a maximum of €30,000.
“The scheme has been extended once before to include rental properties as well as owner-occupier homes so that it benefits tenants as well as homeowners.
“With the extension of the scheme for another year until December 2016 I’ve no doubt that it will continue to assist homeowners in Galway as well as providing a boost to Galway builders and contractors.”