Ireland to unveil growth budget after 6 years of austerity, plans to close Irish tax loopholes

The age of austerity is ending in Ireland after six years of grueling tax hikes and spending cuts.

Finance Minister Michael Noonan is unveiling a 2015 budget Tuesday expected to contain around 1 billion euros ($1.27 billion) in income tax breaks and spending increases, ending a seven-budget run that slashed 30 billion euros from the economy. The move follows Ireland's 2013 exit from an international bailout and unexpectedly strong growth this year in gross domestic product.

Noonan says Ireland should achieve a deficit target below 3 percent of GDP in 2015 without net cuts. This would be the first time Ireland observes that eurozone deficit ceiling since 2007.

Noonan also plans to announce reforms to controversial Irish corporate tax rules that allow U.S. multinationals to minimize taxes on overseas profits.