Published on Tuesday26thApril2016

Minister for Finance Improves Funding Available to Ireland's Filmmakers

In Budget 2016, Finance Minister Michael Noonan 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 in 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.

Minister Noonan 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.