Investing in the Connolly Film

The budget for the Connolly film will be raised in a number of ways, principally through -

• Individual, group, trade union and corporate contributions to the James Connolly Foundation for Educational Equality
• Tax-based investors in the film (corporate and individual)
• Industry and financial investors
• Film grant agencies
• Film industry partnerships
• Lenders - banks etc.
• Revenue Commissioners through Section 481 tax breaks on investments (see below)

Tax Incentives for Investors in Connolly – the Film

Section 481 of the Taxes Consolidation Act, allows tax relief to Irish residents and companies on investments in film projects certified under the Act.

Under Section 481 Relief:

• Tax relief on 80% of their investment is available to individual investors and to corporate investors.

• Individual investors can invest up to €31,750 under the scheme in any year of assessment. An investor who cannot obtain relief on all his/her investment in a year of assessment, either because his/her investment exceeds the maximum of €31,750 or his/her income in that year is insufficient to absorb all of it, can carry forward the unrelieved amount to following years up to and including 2008, subject to the normal limit of €31,750 on the amount of investment that can be relieved in any one year.

• A corporate investor and any connected companies can invest up to €10,160,000 in any 12 month period. The total amount which can be invested in any one film cannot exceed €3,810,000.
• Up to 55% of the budget for Connolly can be raised through Section 481 investment.