Minister for Finance improves funding available to Ireland’s filmmakers
- From 1st of May 2016 the expenditure per project which can be supported by the Film Tax Credit will increase to €70 million.
- In Budget 2016 the Minister for Finance announced that having reviewed the film tax credit, the cap on eligible expenditure per project would be increased from €50 million to €70 million. State Aid approval has been received for that and the change to the credit has been commenced into law as had been provided for in the Finance Act 2015.
- Recent Oscar nominated movies, such as Room and Brooklyn, have been helped by this scheme.
Commenting on this improvement to the backdrop for filmmakers in Ireland, the Minister for Finance, Mr. Michael Noonan T.D. said:
“The revised Film Tax Credit has supported Irish culture and art, and encourages our national film industry. The scheme will now provide companies who produce movies and TV shows with a payable tax credit. The credit is calculated project by project and from the 1st of May companies can claim against expenditure of up to €70 million.”
“With this increased cap we will encourage the necessary investment in the provision of studio and other film production facilities. The Irish film industry has a large impact on our culture, our international reputation and recognition. The industry also provides jobs and educational opportunities for many. I look forward to seeing many more quality productions from filmmakers in Ireland who have benefitted from this incentive. “
26 April 2016
Further information from:
David Byrne - Press Officer - firstname.lastname@example.org - 086 026 7978
Notes for Editors
Eligible expenditure in this case is expenditure on Irish goods and services as part of the overall outlay on the film.
The incentive applies to feature film, TV drama (singles or series), animation (excluding computer games), & creative documentary. Projects must either pass the Cultural Test or qualify as an official co-production under one of Ireland's Bilateral Co-Production Treaties or the European Convention on Cinematographic Co-Production.