The Irish government has raised the cap on the Section 481 tax incentive for film and television productions from €70m to €125m to boost the industry's economy.
On Tuesday (October 11) Minister for Finance Michael McGrath (TD) announced an increase of the eligible expenditure cap of the Irish tax incentive, subject to state aid approval.
The agency also unveiled plans to support new initiatives to support production across Ireland.
Speaking about the changes, Susan Bergin, chair of the board of Fís Éireann/Screen Ireland said: “Our sincere thanks to Minister Catherine Martin, T.D., for her continued support and recognition of the Irish screen industry. Yesterday, the Minister for Finance highlighted the ‘great pride’ Ireland has taken in the success of its screen industry in recent years, and the value it provides, both economic and cultural. Our funding allocation year to year protects the supports in place for Irish story makers and crew, and Screen Ireland’s 2024 budget allocation, combined with yesterday’s announcement regarding the increase of Section 481’s eligible expenditure cap, will support the expansion of the industry in the years to come.
"The increase in our funding today will help us continue to deliver on our strategic objectives, taking into account costs of inflation, and will also support an international campaign to highlight and communicate Section 481 internationally to ensure these benefits are felt across the screen industry.”
Commenting on the budget increase, Désirée Finnegan, chief executive, Fís Éireann/Screen Ireland, added: “Screen Ireland’s ambition for the future growth of the Irish screen industry is to ensure that both local and international production takes place throughout Ireland, bringing the cultural and economic benefits to the entire country. This remains one of our key objectives for 2024.
"The sustained commitment in funding from Minister Catherine Martin (TD) enables Screen Ireland to continue its work in supporting Irish stories on screen, showcasing creative voices in our national language and the expression of Irish culture, history and life to audiences at home and abroad. The increased funding in recent years has helped enable the sector to thrive and achieve outstanding levels of global success.”
Earlier this week, Screen Ireland announced a commitment to supporting new initiatives to facilitate additional production nationwide. 2023's budget will provide support to launch a new Creative Clusters Programme for 2024, targeting emerging screen talent and communities across the country, with a pilot scheme proposed for County Cork.
The budget for 2024 will also support Sustainability Funding and Audience Development initiatives to ensure sustainable growth into the future.