Income tax reduction for investment in rural tourist residences extended to 2010 and broadened

Article 20 of the Rural Development Act extends to 31 December 2010 the income tax reduction for buying new homes in classified tourist residences (Article 199 decies E of the General Tax Code), spreads it over six years instead of four and opens the eligible area beyond rural Objective 2 zones, excluding urban areas of more than 5,000 inhabitants. It extends the renovation reduction (Article 199 decies EA) to classified resorts and tourist municipalities, removes the building-permit condition and requires the operator to reserve at least 15% of homes for seasonal workers. These rules apply to homes acquired or completed from 1 January 2005. The works reduction created by the same article (Article 199 decies F) is covered in a separate entry.