59. Section 23 of the Derelict Sites Act 1990 is amended by—

(a) substituting the following subsection for subsection (3):

“(3) The amount of the derelict sites levy shall—

(a) in respect of the local financial year prescribed in accordance with subsection (1), be such amount as is equal to 3 per cent of the market value of urban land concerned,

(b) in respect of any subsequent local financial year falling before the year 2020, be such amount as is equal to—

(i) 3 per cent of the said market value, or

(ii) such other percentage (not exceeding 3 per cent) of the said market value as may stand prescribed for the time being,

and

(c) in respect of the local financial year 2020 or any subsequent local financial year, be such amount as is equal to—

(i) 7 per cent of the said market value, or

(ii) such other percentage (not exceeding 7 per cent) of the said market value as may stand prescribed for the time being.”,

and

(b) substituting the following subsection for subsection (4):

“(4) Where it is proposed to make regulations under subsection (3), a draft of the regulations shall be laid before each House of the Oireachtas not later than 3 months before the beginning of the year in which it is proposed that the regulations would come into operation, and the regulations shall not be made unless a resolution approving the draft is made by each such House.”.