The Senate approved a host of financial legislation on Friday following a lengthy Budget debate.Once revenues and expenditures for the Ministries of Finance, Home Affairs, Legal Affairs and Economic Development had been approved, senators moved to rubber stamped several Acts amending laws on Government loans, payroll tax and land tax.The Government Loans Amendment Act raises Government’s debt ceiling to $2.5 billion from $1.45 billion — and will enable the administration to borrow more money. When the Act was debated in the House of Assembly three weeks ago, Finance Minister Bob Richards pointed out that, unless more credit was made available, the administration would run out of funds by the end of this month.“For the edification of members of this House, had it not been for this provision this Government would have run out of money — we would have run out of money had it not been for this Act,” Mr Richards had said.“Let no one have any illusions about the severity of the cash flow of this Government.”Employers who take on new Bermudian staff will be granted a payroll tax break under the Payroll tax Amendment Act, which was also approved in the Upper House on Friday.As of April 1, employers will not pay payroll tax on new Bermudian hires for a period of two years. But employers will not be allowed the relief if they already owe payroll taxes to Government, unless there is a payment plan in place. New Bermudian hires will also have to have been unemployed for three months in order for their new employer to qualify for the exemption.And owners of the Island’s most expensive homes will soon be receiving higher annual land tax bills.The Land Tax Amendment Act increases taxes for properties with an annual rental value of between $90,001 and $110,000 from 9.6 percent to 19.2 percent. Taxes on properties with an ARV of more than $120,001 will rise from 19.2 percent to 23 percent. Land taxes on all other properties will remain unchanged. The increase comes into effect on July 1.Government has said the amendment will affect a small percentage of homeowners while bringing in millions of extra dollars in revenue.