URBAN RENEWAL (TAX RELIEF) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Declaration of special development area

   4   Declaration of approved developer

   5   Revocation of approval

   6   Requirement for planning permission unaffected

 

Urban Renewal Bonds

   7   Declaration of approved organisation

   8   Publication of approval

   9   Terms and conditions of bonds

   10   Application of sums raised by issue of bonds

 

Income Tax Relief

   11   Interest on bonds exempt from income tax

   12   Exemption from income tax re loans to developer

   13   Tax credit to developer

   14   Relief from tax re rental income

      Relief re rental expense

   14B   Exclusion of relief granted under other enactment

   15   Election for relief for national monument

 

Exemption from Transfer Tax, Stamp Duty and Fees

   16   Exemption from transfer tax and stamp duty on issue and transfer

   17   Exemption from transfer tax on transfer of improved property

      Exemption from transfer tax and stamp duty on acquisition of land

   18   Regulations

 

<TS:0.5,NM,NO>THE URBAN RENEWAL (TAX RELIEF) ACT

<TS:0.5,NM,NO>[Date of Commencement: 25th April, 1995]

<TS:0.5,NM,NO>Acts
14 of 1995,
31 of 2010.

<TS:0.5,NM,NO>LN 165/1999.

1   Short title

   This Act may be cited as the Urban Renewal (Tax Relief) Act.

2   Interpretation

   In this Act-

   "approved developer" means any person approved by the Minister by order to carry out any improvement works in a special development area;

   "approved organisation" means any organisation declared as such by the Minister for the purpose of the issue or underwriting by that organisation of urban renewal bonds;

   "capital expenditure" means expenditure directly incurred in the carrying out of improvement works in a special development area;

   "Commissioner" means the Commissioner of Taxpayer Audit and Assessment;

[31/2010 s 2.]

   "improved property" means property in a special development area, being property on which improvement works have been carried out;

   "improvement works" means construction or improvement of a building or structure in a special development area or the purchase of a building or structure in a special development area for the purpose of improving such building or structure;

   "incentive period" means a period of not less than ten years which the Minister may determine by order, commencing on the date specified in that order;

   "investor" means any person who, by means of loans, the purchase of urban renewal bonds or otherwise, provides funding for the carrying out of improvement works in a special development area;

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