Budget 2016: Section 481 Cap Increase

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The Minister for Finance Michael Noonan recognised Ireland’s importance as a location for the production of films and television programmes in his budget announcement today with an increase on the cap on eligible expenditure to €70 million.

Speaking earlier, Minister Noonan (TD) said: “This limit will be kept under review going forward. It is my hope that the industry will now make the necessary investments in studio spaces in order to attract high quality films and create new jobs. This change is subject to state aid approval.”

The Irish Film Board welcomed the increase, issuing a statement that read, “The improvement underlines the continuing support of the Irish government for Irish feature film, television drama and the television animation industry in Ireland and will assist in attracting foreign direct investment in screen content production, generating growth, jobs and exports in the sector.”

Also announced in the budget was that funding for Bord Scannán na hÉireann/the Irish Film Board (IFB) remains at a capital budget of €11,202,000 and administration budget of €2,769,000 for 2016.

Commenting on the news, IFB Chief Executive James Hickey said: “We welcome the continuation of funding to the Irish Film Board from the Department of Arts, Heritage and the Gaeltacht. We will continue to work to deliver the maximum benefit to all the stakeholders in terms of feature film, feature documentary, creative coproduction and TV animation production for the benefit of Irish audiences and audiences throughout the world.

 

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