Michael McGrath (Cork South Central, Fianna Fail)
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Section 481 provides relief in the form of a corporation tax credit related to the cost of production of certain films. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of the Irish culture.

Currently, the credit is granted at a rate of 32% of the lowest of:

• eligible expenditure
• 80% of the total cost of production of the film
• €70 million

As part of Budget 2024, I announced the intention to increase the project cap from €70 million to €125 million. As the Section 481 film tax credit is an approved State aid, this increase requires approval from the European Commission. The intention to increase the cap was formally notified to the Commission after the passing of the Finance Act in December.

As part of his Budget 2023 speech, my predecessor Minister Donohoe announced that he had instructed officials to explore opportunities to support the unscripted sector. This process was undertaken within the Department throughout 2023. After careful consideration I announced, as part of Budget 2024, the intention to proceed with a measure for the unscripted sector. Work is being undertaken by officials on the design of such a measure with a view to introduction in this year's Finance Act. As with the increase in the cap as part of section 481, an incentive for unscripted production sector will require State aid approval, and engagement with the European Commission will form part of development work this year.