MORE than €150 million worth of film and television projects are in the “pipeline” as a result of recent tax relief changes, Arts Minister Martin Cullen has claimed.
Mr Cullen, who visited the set of American romantic comedy, Leap Year, at Dublin Castle yesterday, said it was one of the films being shot on location in Ireland because of changes to Section 481 — the Irish tax incentive for film and television,
Mr Cullen said he persuaded Finance Minister Brian Lenihan to increase the investor cap for those wanting to invest in film in Ireland from e31,000 to e50,000 and also to increase investor relief from 80% to 100% in the October Budget. The changes began last month.
“There is an inward investment pipeline for Ireland of well in excess of e150m in film and television projects under negotiation at the moment and I believe that the recent adjustments to the tax investment regime will be the catalyst in securing these opportunities for Ireland,” he said.
Mr Cullen said the changes would put Ireland ahead of Britain and other countries.
Leap Year, starring Amy Adams and Matthew Goode, is being produced by Spyglass Entertainment and is co-produced by Morgan O’Sullivan and James Flynn of World 2000, based at Ardmore Studios.
The production has an Irish budget of almost e13m and will be shot over a five-month period. It has created 150 jobs and will hire 1,500 extras.
Mr Cullen said the Irish audiovisual industry was valued at more than e557m and employs 7,000 people.
Mr Cullen also welcomed confirmation the fourth season of The Tudors will be filmed in Ireland.
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