New York Tax Credit – Receive Up to $330 Per Child

Life in New York just got a little easier for families with children. Governor Kathy Hochul has announced a $350 million initiative as part of the expanded Empire State Child Tax Credit (ESCC). This significant financial boost is aimed at helping families with children under 17 by providing much-needed relief through the state’s tax system. Here’s a breakdown of everything you need to know about this enhanced credit, from eligibility requirements to how much you can expect to receive.

Overview

The Empire State Child Tax Credit (ESCC) is designed to offer tax relief to New York families with children under 17 years old. Unlike some tax credits that simply reduce your tax bill, this one is refundable. This means you could still receive a portion of the credit even if your tax bill is zero—putting more money directly into your pocket.

Eligibility

To qualify for the ESCC in 2023, there are specific criteria you must meet:

• You must be a full-year resident of New York or married to one.
• You must have a child who qualifies for the federal Child Tax Credit.

Eligibility can be based on either the 2017 income thresholds or the 2023 federal income requirements. If you meet these standards, you could claim up to a certain amount per child on your 2023 tax return.

Payment Amounts

The exact amount you can receive from the ESCC depends on your federal adjusted gross income (AGI) as reported on your 2023 tax return. The maximum amount per child is $330. The payment you receive is a percentage of the Child Tax Credit you claim, which ranges from 25% to 100% depending on your AGI.

Here’s how it breaks down:

AGI Range	Percentage of ESCC	Maximum Per Child
$10,000 or less	100%	$330
$10,001 to $25,000	75%	$247.50
$25,001 to $50,000	50%	$165
Over $50,000	25%	$82.50

For example, if your AGI is $10,000, you’ll receive the full $330 per child.

Process

There’s no need to apply for this credit separately. If you qualify based on your 2023 tax filing, you’ll automatically be enrolled, and checks are already being sent out. To check your payment status or for any tax-related inquiries, visit the New York State Department of Taxation and Finance website.

the Program

While the 2024 payments are a one-time distribution, many are hopeful that similar payments might occur in 2025. For this to happen, the state budget for the next year would need to include funding for the program. Governor Hochul has expressed her commitment to helping working parents and could push for an expansion of the ESCC in the future.

Impact

The impact of the Empire State Child Tax Credit on New York families is significant. It offers crucial financial relief, particularly for low to moderate-income families who are struggling to keep up with the rising costs of living. Whether it’s for childcare, school supplies, or everyday expenses, this credit provides essential support to those who need it most.

Filing your tax return on time is key to ensuring you receive the full benefit. The deadline is April 15, 2024, but you can request an extension if needed. By filing promptly, you not only secure any refund you’re entitled to but also guarantee eligibility for additional benefits like the ESCC.

Resources

New York State has provided a range of tools and resources to help families maximize the benefits of the Child Tax Credit. An interactive calculator on the state’s website allows you to estimate your potential credit, and there are also guides and FAQs available to help you navigate the process.

The Empire State Child Tax Credit is more than just financial aid; it reflects New York’s commitment to supporting its residents. With the recent expansion and ongoing efforts to support working parents, the future looks brighter for families across the state.

FAQs