BUDGET 2024: Increase of the eligible expenditure cap of the Irish tax incentive
In a significant update today to the film tax incentive in Ireland, Minister for Finance Michael McGrath has announced an expansion of the Section 481 Film Tax Credit. The current project cap on qualifying expenditure will increase from €70 million to €125 million, pending State aid approval. Minister McGrath highlighted the vital role this tax credit plays in fostering top-quality content production in Ireland and its tangible economic benefits for the country. He also expressed his intention to explore a similar incentive for the unscripted production sector which is fantastic news. This announcement is part of Budget 2024, presented today by Minister McGrath and Minister for Public Expenditure, National Development Plan Delivery, and Reform Paschal Donohoe in the dáil.
If you’re looking to find out more about the film tax incentive, get in touch now!