An extensive range of tourism tax breaks for Midlands counties that straddle a 12km stretch of the Shannon river have been unveiled in the Finance Bill.
This scheme is aimed at encouraging investment in marinas and sailing as well as health farms and will apply over a 12km stretch either side of the River Shannon from Lough Derg to Lough Ree.
The scheme is designed to try and build up tourism industry infrastructure along the River Shannon.
Mr Cowen said today a certification body will be established to vet proposed developments and to provide quality assurance for the scheme.
He said the qualifying period for expenditure under the scheme will be 3 years from the date of its commencement which will be done by way of Ministerial order.
The scheme will not cover stand alone hotel or holiday cottage developments and the accommodation content of any qualifying development cannot be more than 50 per cent.
The tax relief will consist of accelerated capital allowances over 7 years for qualifying construction and refurbishment expenditure incurred in the qualifying three-year period. T
The scheme is subject to notification to the European Commission under the new regional aid block exemption guidelines.
Parts of the Minister's constituency of Co Offaly will qualify for the scheme.