As part of Budget 2024 I announced the intention to increase the section 481 per project cap from €70 million to €125 million, subject to receipt of the necessary European Commission approval.
I believe the proposed increase to €125 million will strike an appropriate balance between providing a sufficient increase to attract big budget films, while also being mindful of the possible cost to the public finances if a number of such films were to come to Ireland.
An application for State aid approval was submitted to the European Commission in December and this process is currently ongoing.