S.L. 123.177 Art. 3Deduction.

(1) Where a qualifying person incurs expenditure in undertaking a qualifying project, a deduction equivalent to 120% of the cost incurred on such expenditure in any year may be claimed in the relative year of assessment against the said person’s income from trade or business chargeable to tax:

Provided that the deduction claimed under these rules may not exceed €90,000 in any year.

(2) Where a deduction is claimed under these rules, no other deduction may be claimed in respect of the same expenditure.

(3) Where the qualifying person benefits from any form of assistance in relation to the said expenditure by the Government or from any other entity, the amount of such benefit or assistance shall be subtracted from the expenditure on which the deduction under these rules may be claimed.