Denis Naughten TD will push for changes to the Finance Bill this week, seeking the introduction of enhanced tax incentives for those who invest in business and job creation at the Bord na Mona workshops and the sites of the power stations at Lough Ree & West Offaly.
In his recent report, Mr Kieran Mulvey, the Just Transition Commissioner has highlighted the need to address State Aid issues to support local projects that can create long term sustainable jobs.
“To help support the recommendations of the Just Transition Commissioner I will be looking for special tax incentives to be put in place in Cloontuskert, Ballyforan, Clonburren, Lanesboro & Shannonbridge to help attract new investment into County Roscommon and adjoining sites,” explained Denis Naughten.
“Our region is competing with the cities for investment and unless we have targeted support for the areas which will be hit hardest by the loss of employment because of the cessation of peat harvesting, then we will always be on the wrong side of any investment decision.
“The purpose of these amendments is to incentivise private sector investment on the peat production sites across the midlands, which could also leverage EU funds to create long-term sustainable jobs in the communities that have been directly impacted upon.
“The announcement by the ESB that it is to shut down its two power plants, Lough Ree and West Offaly, by the end of this year is leading to an economic catastrophe across the middle of Ireland with the loss of both direct jobs and in those businesses dependent on the spend by ESB and Bord na Mona employees. Therefore, we need to take urgent and radical steps to support new employment in our region.
“Enhancing the incentives for employment for the communities impacted most by the cessation of peat harvesting could provide a vital capital injection needed to create an alternative economy for our area,” concluded Denis Naughten.
Denis Naughten’s Dail contribution to Finance Bill https://youtu.be/Yf7snYfNdKs
Committee Stage Amendments to the Finance Bill 2020 to be debated this week
The Minister shall, within 90 days of the passage of this Act, publish a report on options for the enhancement of the Employment Investment Incentive relief in the Midlands Peat Region for businesses established at Bord na Mona works at
Derrygreenagh, Rochfordbridge, Co Westmeath
Clonsast, Portarlington, Co.Laois
Lemonaghan, Ferbane, Co Offaly,
Bellair, Ballycumber, Co Offaly,
Boora, Leabeg, Tullamore, Co Offaly,
Monietta, Killeigh Tullamore, Co Offaly
Croghan, Mt Lucas, Co. Offaly
Blackwater, Shannonbridge, Co Offaly
Cuil na Gun, Coole, Mullingar, Co Westmeath
Clonfert, Ballinasloe, Co Galway,
Derryfadda/Ahascragh, Ballinasloe, Co Galway
Conburren, Athlone, Co Roscommon
Mountdillon, Lanesborough, Co Longford.
Ballyglass, Co Roscommon.
Cuil na Mona, Portlaoise, Co Laois.
Ballydermot, Rathangan, Co Kildare
Derringlough, Co Offaly
Littleton, Co Tipperary
Blackwater, Co Offaly
Ballycon, Co Offaly.
That the Minister for Finance shall within 90 days of the passage of this Act publish a report on the extension of the relief under section 268 of the Taxes Consolidation Act 1997 to the industry which has the potential for significant job creation in Clonifeen Townland, Co Offaly, AghamoreTownland, Co. Longford and Lanesborough Townland, Co. Longford.