Finance Minister Michael Noonan said he will bring in Budget measure to boost the embattled Irish construction sector.
He said he is introducing a home renovation tax incentive scheme. This will no doubt assist the drive to reduce the black construction economy as homeowners will it is expected be required to hold invoices/receipts from contractors.
This will provide an income tax credit to homeowners who carry out renovation and improvement works on their principal private residences in 2014 and 2015.
“The incentive is payable over the two years following the year in which the work is carried out. The credit will be calculated at a rate of 13.5pc on all qualifying expenditure over €5,000 up to a maximum of €30,000.”
On NAMA, the minister said: “NAMA expects to have approved €2bn in funding for Irish projects between 2011 and 2015.
“This level of investment could be increased depending on the pace of economic recovery.”
“The investment will include the construction of 4,500 new houses and apartments in Dublin, in addition to much-needed office accommodation in the city centre and investment in commercially viable retail projects.”