S.L. 123.85 Art. 10Calculation of the tax credit.

(1) The tax credit due for a year of assessment under these rules shall be equivalent to 100% of the value of the eligible expenditure up to a maximum of twelve thousand euro (€12,000)

for every eligible project.

(2) Notwithstanding the provisions of sub-rule (1), the total aid due to an eligible user in respect of an approved project shall not exceed in the aggregate two hundred thousand euro (€200,000) over a rolling three fiscal year period in terms of Commission Regulation (EC) No. 1998/2006 on the application of Articles 87 and 88 of the EC Treaty to de minimis aid: Provided that where the eligible user in question has benefited from any state aid in respect of expenditure incurred in the carrying out of the project, other than as provided for in these rules, the said threshold of two hundred thousand euro (€200,000) shall be reduced by the value of that other benefit: Provided further that the correct calculation of the said reduction, where applicable, shall be the sole responsibility of the eligible user.

(3) The tax credit shall be availed of by way of a deduction from the tax chargeable on gains or profits derived solely from the activities for which the investment to which the approved project refers is made, and shall not be allowable as a credit against tax chargeable on gains or profits from any other source; and any amount of tax credit due for a year of assessment that is not so absorbed in that year may be carried forward and deducted from the tax chargeable in subsequent years on income from the said activities: Provided that any part of the tax credit that is not availed of up to the year of assessment 2013 shall not be carried forward and the right to a tax credit in respect thereof will lapse.

(4) Where, for a year of assessment, an eligible user qualifies for a tax credit under the Business Promotion Act and also under the provisions of these rules, it shall avail itself of the tax credit under the Business Promotion Act before any set-off is made in respect of the tax credit due under these rules.

(5) A tax credit due in accordance with these rules shall not give rise to a right for any refund.