15/02/2013 – Minister Jimmy Deenihan TD Welcomes Enhancements to Irish Film and Television Tax Incentive and Visits set of Lenny Abrahamson’s ‘FRANK’
Minister Jimmy Deenihan TD Welcomes Enhancements to Irish Film and Television Tax Incentive and Visits set of Lenny Abrahamson’s ‘FRANK’
• Extension of Tax Credit ‘Section 481’ to 2020 Confirmed
• Tax Credit ‘Section 481’ increased to 32% of Qualifying Expenditure from 2015
• Minister Jimmy Deenihan visits the set of Lenny Abrahamson’s FRANK and meets cast Michael Fassbender, Maggie Gyllenhaal and Domhnall Gleeson
15th February 2013: Minister for Arts Heritage and the Gaeltacht Jimmy Deenihan TD and Bord Scannán na hÉireann/ the Irish Film Board (IFB) welcome the extension of and enhancements to the Irish tax incentive for film and television ‘Section 481’, published this week in the Irish Finance Bill, by Minister for Finance, Mr. Michael Noonan (TD). The Bill confirms the extension of ‘Section 481’ to 2020 and will increase the current value of Section 481 to 32% of qualifying expenditure from 2015, from its current value of 28%.
Commenting from the set of the new Irish feature film FRANK currently filming on location in Dublin, Minister for Arts, Heritage and the Gaeltacht Jimmy Deenihan said:
“The commitment to Section 481 highlights the support of the Government for the film and television industry in Ireland. Supported by the Irish Film Board and Section 481, FRANK is an example of the excellent work the Irish film industry is producing and I was delighted to meet the cast and crew on set today. FRANK will spend close to €5 million on the Irish economy on jobs and local services and will go on to promote Ireland and Irish talent around the world. 18% of tourists visiting Ireland have cited film and television as a reason for coming to Ireland which cannot be underestimated, particularly in this, the year of ‘The Gathering’.”
Commenting on the amendments to the Irish tax incentive for film and television Section 481, James Hickey, Chief Executive IFB said “The legislation published this week demonstrates the proactive approach that the Irish Government is taking in its commitment to the Irish film, television and animation industries. The enhancements to Irish tax incentive, Section 481, together with a modern film studio infrastructure, experienced local producers, award-winning cast and crew and beautiful film locations, makes Irelands a competitive base for international film and television.”
The Irish film, television and animation industry has demonstrated itself as an important contributor to the Irish economy, investing over €200 million, in terms of Irish spend on jobs and services, to the Irish economy in 2012.”
FRANK is an Element Pictures and Runaway Fridge production. Ed Guiney (What Richard Did, The Guard) produces for Element Pictures with David Barron (Harry Potter and the Deathly Hollows: part 1 and part 2, Jack Ryan) and Stevie Lee (The Making of a Lady) producing for Runaway Fridge. The film is financed by Film4, Bord Scannán na hEireann/the Irish Film Board and the BFI. Protagonist Pictures are handling international sales.