Minister for Finance Michael McGrath has announced an increase in the current project cap on qualifying expenditure in the Section 481 Film Tax Credit from €70 million to €125 million.
Minister for Finance Michael McGrath and Minister for Public Expenditure, National Development Plan Delivery and Reform Paschal Donohoe are presenting Budget 2024 in the dáil today.
As part of this, Minister McGrath announced an increase in the current project cap on qualifying expenditure in the Section 481 Film Tax Credit from €70 million to €125 million, subject to State aid approval.
Minister McGrath cited the Section 481 Tax Credit as the reason “top quality content is being made in Ireland”, and described these productions as “a tangible economic benefit to our country”. He also mentions his intention to develop a similar incentive for the unscripted production sector.
His statement on Section 481 Tax Credit reads as follows:
“Ceann Comhairle, we have all taken great pride in the huge success of the Irish audio-visual sector in recent years, reflected in the numerous accolades awarded to Irish productions. Top quality content is being made in Ireland largely due to the funding offered through the Section 481 Film Tax Credit.”
“Such productions provide a tangible economic benefit to our country, through jobs, skills development, regional development and spend on local goods and services. They are also vital in the promotion of Irish culture to audiences at home and abroad.”
“Today, I am providing for an increase in the current project cap on qualifying expenditure in the Section 481 Film Tax Credit from €70 million to €125 million, subject to State aid approval. This will support the continuing development of a robust and creative film sector in Ireland.”
“In addition, my officials will shortly begin engagement with the European Commission with a view to developing an incentive for the unscripted production sector, in line with State aid rules.”
For his full Budget 2024 speech, click here.
