The Section 481 Film Tax Credit should be extended to provide continued support to film making in Ireland, according to Castletroy-based Limerick City Fine Gael TD, Kieran O’Donnell where Troy Studios are located.
Deputy O’Donnell said, “Section 481 provides relief in the form of a 32% corporation tax credit related to the cost of production of certain films. This scheme has served as a stimulus to the creation of an indigenous film industry here in Ireland, not only creating quality employment opportunities, but also supporting the expression of the Irish language and culture around the world.
“Section 481 has a current sunset clause of 31 December 2024. It is crucial to the film industry that this is extended and furthermore, they need to know soon given the extraordinary long lead in times for film projects. It is unlike many other industries in that sense and they need certainty in the short term to plan for the longer term.
“We also need to look at extending the regional uplift which is an increased level of tax credit given to support the development of new, local pools of talent in areas outside the current main production hubs, and support the geographic spread of the audio-visual sector.
“Due to Covid, this regional uplift measure was partially extended, however it is winding down on a phased basis and is due to finish next year. The scheme has given a great boost to the film industry here in Limerick and other parts of the country and I wish to see it extended to continue to promote and grow the film industry and jobs in the sector here in Limerick and the region.”