Minister for Public Expenditure Paschal Donohoe and Minister for Finance Michael McGrath put the final touches to Budget 2024 at the Department of Finance. Photograph: Tom Honanexpected to introduce up to €1,250 in tax breaks for mortgage holders and €450 in energy support grants for households.
Minister for Housing Darragh O’Brien was expected to receive approval to increase the renters’ tax credit, but there was no final clarity on what level was agreed, with suggestions it would be €750. Sources indicated that this will mean about €600 benefit to landlords in year one, €800 in year two and €1,000 in years three and four.
More income would be protected from higher rates of USC under the proposals, with the ceiling for the 2 per cent rate increasing from €22,290 to €25,760. Meanwhile, the 4.5 per cent rate currently levied will be reduced to 4 per cent. Green Party leader Eamon Ryan secured a 20 per cent cut to public transport fares for adults to be extended for another year, while the qualifying age for half-price fares on public transport was increased to include 24 and 25 year olds. When added to the 20 per cent fare cut for adults, it means a 60 per cent fare cut for all people aged 19-25.
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