New Zealand Parliament Announces Royal Assent for Income Tax (FamilyBoost) Amendment Act 2025

The New Zealand Parliament Sept. 23 announced royal assent for Public Act No. 50/2025, on Income Tax (FamilyBoost) Amendment Act 2025. The law includes measures: 1) increasing, to 40 percent from 25 percent, the credit rate for licensed early childhood service fees paid in a quarter, and increasing the quarterly cap to NZ$1,560 (US$906) from NZ$975 (US$566); 2) increasing, to NZ$1,560 from NZ$975, the abatement amount in the abatement formula for persons with quarterly tax credit income greater than NZ$35,000 (US$20,343); 3) reducing, to 7 percent from 9.75 percent, the abatement rate for quarterly household income exceeding NZ$35,000; 4) increasing, ...