Yep. It means it will no longer be available to investors.The tax relief is granted to the film company in the form of a tax credit equal to about 28% of the Irish spend on the film, probably (the fine details have not been released). But this will bring the Irish film investment scheme into line with what prevails in most other countries (i.e. removing the "no brainer" no-risk tax relief to wealthy individual investors, which amounts to an unnecessary cost to the Exchequer).
Bottom line: film relief is gone.