Housing Minister Dara O’Brien has announced the likelihood of the Personal Rent Tax Credit being raised to approximately €760 in the upcoming budget. Currently set at €500 for individuals or a maximum of €1,000 per year for couples, this potential increase aims to alleviate the financial burden on renters.
Speaking at a public event in Adamstown, Dublin, Minister O’Brien also revealed ongoing discussions to extend the tax credit into the following year, providing more long-term relief for renters. In addition to this, he hinted at the possibility of imposing further taxation on vacant properties as part of broader housing reform.
Minister O’Brien emphasized the government’s commitment to the Housing for All plan, focusing on finding homes for as many people as possible. He proposed extending the Help to Buy scheme for first-time buyers by two years and increasing the existing tax back cap to €30,000 to promote homeownership.
Furthermore, the introduction of the First Home Share Equity Scheme is expected to significantly alleviate the housing crisis by enabling individuals to build their own homes. Minister O’Brien also suggested an extension of the Tenant in Situ scheme, allowing local councils to purchase properties without displacing current tenants. These measures signify a step in the right direction to address Ireland’s housing challenges.