Written answers
Tuesday, 13 February 2024
Department of Finance
Tax and Social Welfare Codes
Cormac Devlin (Dún Laoghaire, Fianna Fail)
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231. To ask the Minister for Finance if State aid approval has been given for the Budget 2024 announcement of an increase to the cap on section 481 film tax credit; and if he will make a statement on the matter. [6253/24]
Michael McGrath (Cork South Central, Fianna Fail)
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As part of Budget 2024 I announced the intention to increase the section 481 per project cap from €70 million to €125 million, subject to receipt of the necessary European Commission approval.
I believe the proposed increase to €125 million will strike an appropriate balance between providing a sufficient increase to attract big budget films, while also being mindful of the possible cost to the public finances if a number of such films were to come to Ireland.
An application for State aid approval was submitted to the European Commission in December and this process is currently ongoing.
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