In another effort to help New Yorkers make ends meet in of the most expensive states in the nation, Governor of New York Kathy Hochul has recently released two an early proposal from her State of the State message. This proposal is intended to further address concerns for the high cost of living and will specifically target families to help parents meet expenses associated with raising children.
Plans to expand the Child Tax Credit
Part of Gov. Hochul’s plan is to expand the Child Tax Credit which supports millions of low- and middle-income families state and nationwide. If approved, the proposal plans to provide eligible families an additional tax credit worth up to $1,000 per child. This credit will be specifically for each child who is under the age of four. For children between the ages of four and sixteen, families would be able to qualify for a $500 tax break for each child in this age group.
In the past, New York has offered $330 dollars per child for low-income families. This expansion would bring significant relief for families across the state who are struggling to meet basic living expenses and run a household. The expansion would benefit nearly three million children in the state. Qualified families would need to be bringing in a household income of less than $200,000.
“From groceries to strollers to kids’ clothes, the cost of living and raising a family is still too damn high — and that’s why we’re proposing a massive increase in New York’s child tax credit to put up to $1,000 per kid back in the pockets of hardworking families,” Governor Hochul said. “As New York’s first mom governor, I know how hard it can be for parents to make ends meet — and I’ll never stop fighting to make New York more affordable for every family.”
New Tax Credit receives approval from other lawmakers
The proposal has been welcomed by other key legislators who have also made similar legislative suggestions in the past to help address the cost-of-living crisis in the state. “I know firsthand how expensive raising children has become in this great state,” said State Senator Andrea Stewart-Cousins. “We look forward to discussing this proposal further. But we also know we have to deal with the rising cost of child care. The cost of child care is a burden that can overwhelm families, and we need to take steps to make affordable child care available to all New Yorkers.”
While there is also a federal Child Tax Credit, states have the discretion to provide their own additional one. If the proposal is approved, it would be one of the highest child tax credits nationwide. Researchers at the Center on Poverty and Social Policy at Columbia University estimate that if the credit was introduced, it could drop child poverty in the state by 9%.
New York will see major legislative changes this year
New York is set to experience significant legislative changes this year as policymakers work to address a wide range of pressing issues. These changes could have broad implications for businesses, residents, and various industries across the state. Lawmakers are continuing to focus on areas such as economic development, environmental sustainability, healthcare, and education to better the lives of New York’s residents.
The anticipated updates aim to improve systems, provide relief where needed, and adapt to new challenges in a rapidly evolving society. The outcome of these legislative shifts could influence everything from day-to-day operations for local businesses to the overall quality of life for New Yorkers. As the new laws are implemented, they will be closely watched by citizens and organizations alike to understand how they will affect the future of the state.
