Budget 2004 Announcement-Section 481 retained to 2008
Bord Scannán na hÉireann / the Irish Film Board warmly welcomes today's announcement from the Irish Government that Ireland's film incentive Section 481 is being retained.
To applause in the Irish parliament, Finance Minister, Charlie McCreevy announced in his budget speech this afternoon that, after representations from Arts Minister, John O'Donoghue, Section 481 has been extended to 2008 and that, from 2005, the cap on the level of investment which can be raised is being increased from €10.48million to €15million. The tax incentive was originally due to expire in December 2004.
"Bord Scannán na hÉireann / the Irish Film Board joins the industry in welcoming this affirmation of the government's committment to the growth of the Irish film industry and we applaud the efforts of Minister O'Donoghue. It is all the more welcome in a year when the investment by the goverment is bringing its rewards with an unprecedented output of successful films made in Ireland", said BSÉ/IFB Chairman, Ossie Kilkenny. "With box office success and award winning achievements there is evidence that major progress has been made. The announcement will help to maintain confidence and promote Ireland as a location for film making. We should take the opportunity to capitalise on the industry's momentum".
This good news follows the recent announcement that the overall budget for Ireland's national film agency, Bord Scannán na hÉireann/the Irish Film Board, would be increased by 10% to €11.845m in 2004.