Audiovisual Ireland welcomes Budget 2024 increase in Section 481 film tax credit cap
Audiovisual Ireland, the Ibec representative group for the screen industry (animation, film and television production, postproduction and VFX, television broadcasters, cable and other service providers, and screen content studios), welcomed today’s Budget announcement of an increase in the Section 481 film tax credit cap from €70 million to €125 million.
Torlach Denihan, Director of Audiovisual Ireland said: “We applaud the Budget decision to increase the Section 481 film tax credit cap from €70 million to €125 million. This enhancement will not only bolster Ireland's cultural and economic fabric but also amplify the impact of the exceptional works of Irish creative talents on a global stage while helping to achieve the Government’s Audiovisual Action Plan objective of doubling employment in the sector.
After a year in which the Irish screen industry shone brightly at the Academy Awards, its cultural, economic, and developmental impacts are undeniable. Supporting around 12,000 jobs, with an annual production activity exceeds €700 million and boasting 32 Academy Award nominations since 2010, our industry stands as a testament to world-class excellence. With the backing of the sort contained in today’s Budget, there's immense potential to elevate the sector even further.”