Marc MacSharry (Fianna Fail)

While I appreciate there is no recommendation on this section, on Second Stage when the Minister for Finance, Deputy Brian Lenihan, was in the House, I made a point which I would like to repeat to the Minister of State, Deputy Calleary. Senator Twomey has proposed a recommendation on section 26. Regarding the 80% windfall tax, while there is no question that we would wish to require agricultural land to be zoned for residential, commercial or industrial purposes and while I agree with the 80% windfall tax in that regard, it does not give appropriate consideration to brownfield sites in urban areas. We should have an open mind on the matter. Obviously, there is no market or demand now but there will be in due course. As I mentioned yesterday, the mix of social housing within the borough or city boundaries of Limerick, Sligo and Cork would come to more than 30%, whereas the national average is 15%. It is conceivable that areas zoned for commercial purposes might be better served in the future by being zoned for residential purposes. While there may not be such a market now, there may be in the future. It would be prohibitive, therefore, if we were to state that in those instances an 80% tax on notional profits that might be made by rezoning from retail or commercial to residential purposes or other use should apply. It is short-sighted and a reaction to what has happened in the past 20 years. With the benefit of hindsight, introducing an 80% windfall tax might have served better 15 or 20 years ago. While it is certainly fine in the case of agricultural green belt space, we need to be cognisant of brownfield sites. I, therefore, ask the Minister to take this point on board.