Finance Minister Bezalel Smotrich has stated his intention to broaden eligibility for income tax credits, granting credit points for all children up to the age of eighteen, rather than only those under the age of twelve.
According to a report on ynet, the Finance Ministry has already made a final decision on the matter, and has assessed the cost of its implementation at around 1.5 billion shekels annually. The previous government expanded eligibility to the six-to-twelve age range, prior to which only children under the age of six qualified their parents for tax breaks.
The previous government's expansion of eligibility is, however, due to expire next month. The current government will therefore have to wait until the state budget is passed in order to implement its new plans. According to its tentative timetable, that will postpone the new rules until June, when parents who become newly eligible will receive retroactive payments from the start of the year.
According to figures for 2023, each tax credit point is worth 235 shekels per month or 2,820 shekels per year. Women are eligible for an extra half-point.