As a cinephile who has spent countless hours immersed in the rich tapestry of global cinema, I find myself deeply moved by the strides Ireland is taking to bolster its film and television industry. The recent increase in the film and television tax incentive for local productions featuring Irish creative talent is not just a step forward, but a giant leap.
The Irish government has announced a 8% boost in the film and TV tax credit for domestic projects with lower to moderate budgets that showcase homegrown creativity, which is included in their 2025 financial plan.
As a follower, I’m excited to share that the Irish Section 481 film tax incentive currently offers a whopping 40% return, applicable for productions whose total budget does not exceed €20 million ($22.1 million). However, it’s important to note that this is still pending state aid approval. We can expect more details regarding this in the upcoming finance bill, set to be revealed next week.
In 2025’s financial plan, there will be a 20% tax reduction offered for unscripted productions. Minister Jack Chambers presented these new regulations, aiming to strengthen local production of feature films. The announcement also acknowledged the expanding capabilities of the Visual Effects (VFX) industry.
Amidst an era where Irish screen content is receiving international acclaim, I find myself basking in this moment of glory. Recent accomplishments include our Oscar contender “Kneecap” taking home a win at Sundance, “Small Things Like These” gracing the opening of Berlin International Film Festival, and no less than five Irish films being premiered at Cannes. As a movie enthusiast, I can’t help but feel a sense of pride and anticipation for what’s to come in our vibrant film industry.
Screen Ireland, the national organization supporting the Irish film industry, applauded this decision. In the words of its chair, Ray Harman, “The increase in tax incentives carries a great deal of promise to broaden and deepen local film production, fostering more creative opportunities for homegrown talent within the industry.
Desirée Finnegan, CEO, stated: “In a highly competitive global market, the financial reward combined with funding from Screen Ireland is essential for nurturing Irish filmmaking and storytelling. This boost will further establish Ireland as a cultural power and attractive partner in global creative production.
In response to Britain’s recently launched Independent Film Tax Credit, which took effect in March, we are now offering increased incentives. These new benefits are already showing positive results.
With Ireland’s film industry growing, Screen Ireland has branched out into digital gaming as well, launching IndieDev – a cross-border video game prototype funding program, marking a first for Ireland in this area.
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2024-10-02 01:16