A big tax break for first time home buyers. DayCare now serving 300 families. No new taxes. And, most importantly, FutureCare on track for April 2009!

Minister Paula Cox:

The free daycare programme, free public transportation for students and the free tuition at the Bermuda College will continue. Unemployment assistance will be available to those in need. FutureCare, the upgraded health plan for senior citizens, will be launched in April 2009. In addition, Government will provide further assistance and incentive to individuals and families seeking to purchase their first home by exempting the conveyance of certain residential property from stamp duty.

The home buyer tax credit is targeted at helping Bermudians buy their first home. It provides as much as $24,000 in closing cost assistance and will make the dream of home ownership possible for many more Bermudians.

According to Minister Cox, $10 million has been earmarked to begin FutureCare in April 2009. This landmark programme will provide senior citizens with the healthcare they need after a lifetime of hard work. Promises made, promises kept.

DayCare, free tuition at Bermuda College, free transportation for our students, and, unemployment assistance in these tough times, will continue.

Minister Cox is also mindful of the international economic climate:

In the current economic conditions, it would be counter-productive for Government to decrease the stock or flow of funds in the private sector through increased taxation. Government’s main objective in this period of economic challenge is to facilitate and stimulate economic activity, wherever possible, in order to sustain employment levels and household incomes. Therefore, in the coming year, there will be no increases in major tax rates.

The fact that our Government is able to expand services and provide a social safety net during these tough economic times is a testament to the sound fiscal management of Minister Paula Cox and the PLP Team.