Dara Calleary (Mayo, Fianna Fail)
Link to this: Individually | In context

Question 198: To ask the Minister for Finance the supports available to promoters business expansion scheme willing to invest in the construction of commercial space for projects for which employment grants have been approved; the supports or reliefs that are available to such a promoter. [29307/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

The Business Expansion Scheme (BES) is available to companies in respect of investments made and shares issued on or before 31 December 2011. No relief is available under BES in respect of investments made after that date. The BES was replaced by the Employment and Investment Incentive (EII), which came into effect on 25 November 2011.

The EII is available in respect of investments in most small and medium-sized trading companies. Certain exclusions do apply, however, and a trade of dealing in, or developing, land is specifically excluded from the qualifying trades for EII. This exclusion applies irrespective of whether an employment grant has been approved in respect of the project. However, a company that carries on a trade which is not an excluded trade may use funds raised under EII to construct a building or structure to be used for the purposes of that non-excluded trade. For example, a company carrying on a manufacturing trade may use funds raised under EII for the construction of a new factory to be used by it for that trade.