The Knesset passed a NIS 7.3 billion aid and acceleration plan in second and third readings Monday night.
The plan earmarks NIS 4.2 billion for the Education Ministry to fund the ‘Studying in Safety’ program, meant to ensure school will continue despite the coronavirus pandemic.
NIS 1 billion will be given to support Israelis who are too poor to pay income tax and are already receiving negative income benefits.
In addition, Finance Minister Israel Katz decided to promote a rapid national depreciation program to the tune of NIS 2 billion.
The move will allow several industries in the country, from agriculture to hotels, to present a double decrease on machinery and equipment used when filing their taxes. Meaning, a hotel with a fleet of cars, for will pay taxes on that fleet as if all the cars were worth the total of what they would have been worth had they been twice as old.
"I decided on these steps after talking with Prime Minister Benjamin Netanyahu," Katz said, "now we must work to help businesses, employees, and business owners as much as we can."