S.L. 325.6 Art. 35Environmental investment credits.

(1) A company which has been determined by the Corporation as having satisfied the conditions set out in regulation

31(1) and in this regulation shall be entitled to an environmental credit which shall be equal to 60% of the eligible expenditure incurred by such company on or after 1st January 1995 up to 31st December 2006 and for this purpose the eligible expenditure incurred up to 31st December 2001 shall be multiplied by 1.07n (1.07 to the power of "n") where "n" is a number arrived at by deducting from 2002 the year in which the expenditure was incurred: Provided that the eligible expenditure shall be that which is incurred under a programme approved by the company by the 31st December 2002 and notified to the Corporation by such date as it shall determine.

(2) The eligible expenditure shall consist of the expenditure set out in sub-regulation (3):

(a) where such expenditure is incurred for the purpose of reducing pollution and nuisances or to adopt production methods with a view to protecting the environment; and

(b) to the extent that the company did not incur such expenditure for the purpose of it complying with any applicable laws or regulations.

(3) The expenditure referred to in sub-regulation (2) shall be:

(a) the acquisition of land which is strictly necessary to meet environmental objectives;

(b) the acquisition, development or construction of buildings or structures, plant and machinery;

(c) the acquisition or development of technology or know-how, which is -

(i) a depreciable asset in accordance with generally accepted accounting principles;

(ii) acquired on market terms from a person in which the company has no direct or indirect control;

(iii) included in the assets of the company which retains ownership or use or both such ownership and use of the intangible asset for a period of five years or a shorter period if the intangible assets are technically out of date before the expiry of this five year period: Provided that should such intangible assets be sold before the expiration of five years from the date of their acquisition or development completion the sales proceeds shall be deducted from the amount of the eligible expenditure.