The Irish tax breaks that have allowed shows like “Camelot” to be filmed in the Emerald Isle could be on the way out, warns Irish Finance Minister Michael Noonan.
According to Variety, Section 481 “offers up to 28% benefit for projects, up to a ceiling of 50 million euros ($64.1 million) on qualifying expenditure.”
However, the Sunday Independent reports that Noonan is considering replacing this tax break, which runs until December 2015, with new tax credits for film producers.
In recent years, movies like “The Guard” have benefitted from Section 481, and there is concern that these new credits for film producers will deter banks from investing in movies that don’t have star names attached to them.
According to the Sunday Independent, a Department of Finance source said that the credits would be "paid at a time that will meet the financing needs of film production in a manner, that will also protect and safeguard the interests of taxpayers."