Yesterday’s budget confirmed an extension to the Section 481 Tax Credit. The Finance Bill 2022 will extend Section 481 from its current end date of 31 December 2024 to 31 December 2028.
There was also a €1 million increase to Screen Ireland’s capital budget. The funding that has been allocated comprises €33.058 million in capital funding and €4.68million in current administration funding.
Screen Ireland’s Chair to the Board, Susan Bergin said: “Regional activity remains a key focus for Screen Ireland as it is essential to growing the industry sustainably across the country. With this in mind, we plan to ringfence up to €3.5 million in the 2023 budget for regional activity to address the need for further supports in this area.
“We were also delighted to welcome the extension of Section 481, the tax incentive for the Irish screen industry, to 2028. Section 481 underpins the success of the Irish screen sector. It is essential to the further growth of the industry, creating increased job opportunities, spend in the Irish economy across the country, and most crucially, structured skills development for Irish crew nationwide.”
‘Section 481‘ is a tax credit, incentivising film and TV, animation and creative documentary production in Ireland, administered by Ireland’s Department of Culture and the Revenue Commissioners (Revenue).
The Budget also confirmed that the Arts Council of Ireland will maintain its current funding of €130 million,