Property Council wants tax breaks for quake upgrades

11:57 am on 9 November 2011

The Property Council is calling for tax breaks to help owners carry out earthquake strengthening on their buildings.

The council has been making a submission to the Royal Commission looking into the collapse of buildings in the Canterbury earthquakes.

Its policy director Daniel Newman told the commission the earthquakes have implications for the viability of both the region and the wider New Zealand economy.

He said there would be significant financial implications involved in moving to a higher minimum standard for earthquake strengthening.

Mr Newman said tax changes would assist owners to bring in improvements in the performance of their buildings.

He said the council would like an immediate tax deduction for the cost of rebuilding, a special depreciation deduction for repaired or new buildings and permanent deferral of any depreciation recovered on new buildings.