Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The living city initiative was commenced and launched on 5 May 2015. It is an urban regeneration incentive which focuses on the regeneration of the historic centres of six cities. This initiative is a scheme of property tax reliefs which applies in certain "special regeneration areas" in the centres of Dublin, Cork, Limerick, Galway, Waterford and Kilkenny, particularly those areas which are most in need of regeneration. This is not a widespread initiative, as it is targeted at those areas which are most in need of attention. The aim of the living city incentive is to bring life back into the heart of the relevant cities by offering tax relief for qualifying expenditure incurred on the refurbishment or conversion of certain buildings where conditions are met. Planning for the scheme has included a thorough ex antecost-benefit analysis, and recommendations from relevant agencies.

The residential element of the living city initiative provides for an income tax deduction for qualifying expenditure incurred on the refurbishment or conversion of a building for use as a dwelling, over a ten-year period.

The building must have been constructed before 1915 and must be located in a special regeneration area of the city in question.

The commercial element of the living city initiative provides for capital allowances over a seven-year period in respect of qualifying expenditure incurred on the refurbishment or conversion of a property located in a special regeneration area for use for the purpose of retailing goods or the provision of services within the State. The amount of tax relief available under the commercial element of the incentive is effectively capped at €200,000 for any individual project.

Information on the scheme is available on the websites of the relevant councils, and also on the Department of Finance's website at . A document containing frequently asked questions was published by the Revenue Commissioners. Maps of the special regeneration areas are available on that website and also on the websites of the relevant local authorities.

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