Low- and middle-income families with children in New York are about to receive an extra financial boost starting next month. Governor Kathy Hochul recently announced that over a million families across the state will benefit from an additional payment of up to $330 per child through the Empire State Child Tax Credit. Here’s what you need to know.
Tax Credit
The Empire State Child Credit is designed to support families in need. Eligible taxpayers won’t need to submit any additional applications to receive this tax credit. Checks will be automatically mailed to those who received a tax credit of at least $100 in the 2023 fiscal year. These checks will start being sent out in the first week of August and will continue to be distributed over several weeks.
Credit Details
The Empire State Child Credit is a refundable tax credit that provides financial relief to qualifying families with children. In 2023, Governor Hochul and the state legislature expanded this credit to include children under four years old, aiming to support families from the earliest stages of their children’s lives.
Payments from this tax credit will range from 25% to 100% of the credit received in the 2023 fiscal year, depending on each family’s income level. This financial assistance is intended to cover essential expenses such as food, education, and other child-related costs.
Economic Impact
The distribution of these funds is part of a broader effort by the Hochul administration to address the economic challenges faced by many New York families. The governor emphasized that measures like this are crucial for improving the quality of life for New Yorkers and assured continued efforts to provide economic relief to working families.
“We are putting money back in the pockets of more than a million New Yorkers because this administration stands with working families,” said Hochul. “Our work is far from over. From expanding tax credits to increasing access to child care assistance, I will never stop fighting to address the cost of living for working parents and help them create a brighter future for their children.”
Payment Procedure
Families who have already received a tax credit of at least $100 on their 2023 tax return do not need to take any further action to receive this credit. Checks will be mailed directly, simplifying the process for recipients. This ensures that families can receive the assistance without additional paperwork.
The first checks will be sent out starting the first week of August, with distribution expected to continue over several weeks. Families who do not receive their check within the expected timeframe are advised to contact tax authorities for further information.
Financial Stability
Assembly Speaker Carl Heastie emphasized the importance of this aid for New York families and reiterated the Assembly’s commitment to making the state a more affordable place to live and raise a family. “The majority of the Assembly is dedicated to making our state a more affordable place to raise a family, and giving them more financial flexibility is a crucial part of that,” said Heastie. “We will continue working with our colleagues in the Senate and the governor to prioritize New York families.”
Payment Amount
The payment amount each family receives depends on several factors, primarily their annual income and the number of children qualifying for the credit. Payments can range from 25% to 100% of the Empire State Child Credit received in the 2023 fiscal year. This variability allows the assistance to be tailored to each family’s specific needs, providing more personalized support.
Credit Expansion
One of the most significant updates to this initiative is the expansion of the tax credit to include children under four years old. This measure was introduced to ensure that families receive financial support from the earliest stages of their children’s lives when expenses can be particularly high.
Future Initiatives
Governor Hochul and the state legislature have made it clear that this tax credit is just one part of an ongoing effort to improve the economic situation of families in New York. More initiatives aimed at expanding tax credits and increasing access to essential services like child care assistance are expected in the future.
The Empire State Child Credit is a significant measure that will provide essential financial relief to over a million families in New York. With payments of up to $330 per child, this tax credit will help families face economic challenges and improve their quality of life.
Governor Hochul and other state leaders are committed to continuing to work on solutions that support working families and contribute to a more stable and prosperous future for all New Yorkers. If you are eligible for this tax credit, make sure to watch for the arrival of your check and use these funds to enhance your family’s well-being.
FAQs
When will the Empire State Child Credit checks be sent out?
Starting the first week of August.
Do I need to apply for the Empire State Child Credit?
No, checks will be automatically mailed.
How much can I receive per child?
Up to $330 per child.
What determines the payment amount?
Family income and the number of children.
Are children under four years old eligible?
Yes, the credit now includes children under four.