New York will distribute supplemental child tax credit payments of up to $330 per child by the end of August 2024, targeting low-income families already benefiting from the state’s child credit program, with eligibility based on income and residency.
New York’s August Child Tax Credit Boost: Up to $330 Per Child for Eligible Families
According to Marca, in New York, Governor Kathy Hochul has announced a significant boost to the state’s child tax credit program. By the end of August 2024, eligible families will receive supplemental checks of up to $330 per child. This financial aid is designed to provide extra support to low-income parents who already benefit from the Empire State child credit, without requiring any additional action from them.
The amount of the supplemental payment will vary based on the family’s income and their current child tax credit amount. Families with incomes below $10,000 will receive a payment equal to their existing child credit, while those with higher incomes will get at least 25% of their credit amount. This initiative, funded by a $350 million allocation in the state budget, is set for this year only, with future funding needing approval for additional payments in 2025.
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$330 Boost: New York Governor Kathy Hochul Announces Major Child Tax Credit Program Expansion (PHOTO: Governor Kathy Hochul – NY.gov)
New York’s Empire State Child Tax Credit: Financial Relief for Families Amid Inflation Talks
State Senate Majority Leader Andrea Stewart-Cousins highlighted the importance of this measure in easing financial pressures on New York families. Although there has been talk about adjusting the credit for inflation, no such changes have been made yet. Eligibility for the Empire State child credit requires residency in New York and meeting specific income thresholds.
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