Denis Naughten TD will table an amendment to the Finance Bill this week seeking the introduction of enhanced tax relief for those who invest in business and job creation across counties Roscommon, East Galway, Longford, Offaly, Westmeath & Laois.
The Roscommon Galway TD is looking for an increase in the tax relief which would be available under the Employment Investment Incentive scheme for those investing in communities hit by the cessation of peat harvesting.
“While the work of Government and its agencies is positive, we must also encourage private sector investment in our region to create long term sustainable jobs by supporting existing companies to expand as well as new start up companies,” commented Denis Naughten.
“This region is competing with our cities for investment and unless we have a targeted support for the areas which will be hit hardest by the loss of employment as a result of cessation of peat harvesting, then will always be on the wrong side of any investment decision.
“We are now just 33 days away from the public service obligation finishing for Lough Ree Power on 9th December. The public service obligation will finish for West Offaly on 31st December next.
“We are facing an economic catastrophe across the middle of Ireland in a few weeks with the loss of 2000 direct jobs and another 2000 jobs that are dependent on these employees, and we need to take radical steps to support new employment in our region.
“The Employment and Investment Incentive Scheme is a tax relief incentive scheme which provides tax relief for investments of up to €150,000 a year in certain qualifying companies. Enhancing this tax relief for the communities impacted by the cessation of peat harvesting could provide the huge capital injection needed to create an alternative economy for our area,” concluded Denis Naughten.