Ireland set to hike incentives
Government plans boost to TV and film production tax break fundingThe Irish government is expected this week to push through "significant improvements" to its tax relief for investment in film and television projects.
Minister for Arts, Sport and Tourism Martin Cullen said Monday that following an agreement with the Minister for Finance, the individual investor cap for those wishing to invest in film in Ireland will increase from the current limit of €31,750, ($41,000) per year to €50,000 ($65,000), and there will be a 100% relief on that investment. The relief has been at 80%.
"This improvement follows on from confirmation earlier this year to increase the cap per project to €50 million ($65 million) and to also extend the Section 481 relief scheme to 2012," Cullen said.
The Irish Film Board said Monday that it welcomed the improvements, declaring the changes enough to "restore the competitiveness of Ireland as an international film and television location." Ireland has not attracted any major U.S. features to film on location this year.
The Finance Bill is expected to greenlight the changes in the coming days, Cullen's office said. (partialdiff)