Richard Bruton (Dublin Bay North, Fine Gael)
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386.To ask the Minister for Finance the take-up of the microgeneration tax credit; and if he will make a statement on the matter.[35861/24]

Jack Chambers (Dublin West, Fianna Fail)
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Section 216D of the Taxes Consolidation Act 1997 provides that up to €400 per year of profits arising to an individual from the generation of electricity from renewable, sustainable or alternative sources of energy at the individual’s sole or main residence (referred to as the microgeneration of electricity) is exempt from Income Tax, USC and PRSI. The exempt amount was increased from €200 to €400 per year by section 28 of Finance (No.2) Act 2023.

There is no requirement to include the exempt profits in an income tax return. However, should an individual have profits exceeding €400 from the microgeneration of electricity in a year of assessment, the excess is taxable and must be declared on a tax return and will be subject to income tax, USC and PRSI in the usual manner.

As there is no requirement to include the exempt profit in an income tax return, I am informed by Revenue that they do not have statistics on the take up of the exemption.