Important family support scheme extended until end 2024 in Hungary

The government has extended the period for obtaining prenatal baby support loans by two years and decided to expand the PIT exemption to mothers under the age of 30, the state secretary for families said on Thursday.

Families where the mother is aged between 18-41 and the first child is expected to be born within five years can apply for the HUF 10 million (EUR 24,800) zero-interest prenatal baby support loan until December 31, 2024, Agnes Hornung told public news channel M1. Under the scheme, 30 percent of the outstanding loan will be written off if a second child is born and the full loan waived with the birth of a third child, she said. The personal tax exemption will cover women who give birth to or adopt a child under the age of 30, irrespective of their marital status, Hornung said. In another measure taking effect in January 2023, student loans will be forgiven for women who give birth during their studies or within two years thereafter, the state secretary said. Families raising a chronically ill or severely disabled child will be entitled to receiving a gross monthly home care allowance of HUF 232,000 and a HUF 10,000 tax relief in addition to the existing benefits, said Hornung.

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Source: MTI