(1) Section 481 of the Principal Act is amended -

(a) in subsection (1) -

(i) in the definition of "film corporation tax credit", by the substitution of "subsections (1B), (1C) and (1D)" for "subsections (1B) and (1C)", and

(ii) by the insertion of the following definitions:

"'relevant visual effects work', in relation to a visual effects project, means work consisting of such visual effects processes as may be specified in regulations made under subsection (2E);

'visual effects' means the use of computer technology to digitally create or manipulate content whether such content is for inclusion in a film or within filmed footage for inclusion in a film;

'visual effects project' means -

(a) a qualifying film -

(i) where production by the qualifying company consists wholly or mainly of relevant visual effects work, and

(ii) in respect of which the eligible expenditure on relevant visual effects work is not less than €1,000,000,

or

(b) a qualifying film in respect of which the qualifying company incurs eligible expenditure of not less than €1,000,000 on relevant visual effects work;",

(b) by the insertion of the following subsection after subsection (1C):