221. Deputy Séamus McGrath asked the Tánaiste and Minister for Finance to provide a progress report on the updating of the maps of qualifying areas relevant to the Living City Initiative for Cork city. [53615/26]

The Living City Initiative (LCI) is a targeted measure which is aimed at areas in urgent need of regeneration. It is provided for under sections 372AAA to 372AAE of the Taxes Consolidation Act 1997.

The scheme offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located within ‘Special Regeneration Areas' (SRAs) in cities and Regional Centres. According to the criteria for the designation of SRAs, SRAs should be inner city/central town areas where there is above average unemployment and which demonstrate clear evidence of neglect, dereliction and under-use. Areas which are generally regarded as affluent, have high occupancy rates and which do not require regeneration should not be included in the SRAs.

The SRAs were designated having regard to the relevant criteria and following consultation with the relevant local authority, and independent reviews by third party advisers. The designations were made in 2015 in respect of the cities of Cork, Dublin, Galway, Kilkenny, Limerick and Waterford and, most recently, in April 2026 in respect of the Regional Centres of Athlone, Drogheda, Dundalk, Letterkenny and Sligo.

Budget 2026 announced a number of enhancements to the LCI, with the changes provided for in Finance Act 2025. Firstly, it has been extended to the end of 2030, and secondly, it is now available to residential properties built before 1975 (instead of 1915, as previously). Furthermore, if the work is carried out by an enterprise, the maximum relief available has been increased from €200,000 to €300,000. It was also announced that the scheme would be extended to the five Regional Centres as set out in the National Planning Framework: Athlone, Drogheda, Dundalk, Letterkenny and Sligo.

In relation to possible further changes to the SRAs in Cork or the other towns and cities, I refer the Deputy to my reply to question number 403 of 19 May 2026.  As I advised, decisions regarding taxation measures are made in the context of the annual Budget process, at the appropriate time, having regard to the sound management of the public finances and the impact any proposed changes would have on the broader housing market. As with all taxation matters, the LCI is kept under review.