Following European Commission approval, the Minister for Finance, Michael McGrath TD, has signed commencement orders for two amendments to the film tax credit. The first commencement order provides for an increase in the cap on eligible expenditure from €70 million to €125 million, as announced in Budget 2024. The second commencement order provides for the extension of the credit from its current end date of 31 December 2024 to 31 December 2028, as announced in Budget 2023.
Welcoming the amendments, Minister McGrath stated:
“The increase in the cap on eligible expenditure related to the cost of production of certain films to €125 million signals the Government’s intention to support the industry in capitalising on its success in recent years and to make Ireland a global leader in the area of high quality audio-visual production.
In addition, the extension of the relief provides certainty to the film industry that this important incentive for the sector will be available for a further four years.
I look forward to continued growth and employment opportunities for the Irish film sector in the years ahead.”