Tax break lifted to €70m in boost for Irish movie sector
Published 27/04/2016 | 02:30
A tax break that helped fund movies including 'Brooklyn', staring Saoirse Ronan, and 'Room', directed by Lenny Abrahamson, has been beefed up.
From May 1, the expenditure per project that can be clawed back using the Film Tax Credit will increase to €70m. In Budget 2016 the Minister for Finance Michael Noonan said he planned to lift the cap on eligible expenditure per project from €50m to encourage spending on firm and television production here.
State aid approval from the European Union has now been received for the change, and from May 1 companies can claim back the tax repayment against expenditure of up to €70m.
"With this increased cap we will encourage the necessary investment in the provision of studio and other film production facilities," Michael Noonan said.
The tax credit is now available to production companies, rather than individual investors.
"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 benefited from this incentive," the minister said.