New York residents are set to receive a financial boost as Governor Kathy Hochul announces the distribution of $350 million in Child Tax Credit checks throughout August. This initiative is part of the expanded Empire State Child Tax Credit program aimed at alleviating childcare expenses for families.
Key Takeaways
- $350 million in Child Tax Credit checks will be distributed in August.
- The program is part of the expanded Empire State Child Tax Credit.
- Eligible families can receive up to $330 per child.
What is the NY Child Tax Credit?
The Empire State Child Credit (ESCC) is a refundable tax break for New York families with children under 17. This credit is designed to help families manage childcare expenses. Even if a family doesn’t owe any tax, they could still be eligible to claim part of this credit.
Eligibility Requirements
To qualify for the 2023 ESCC, families must meet the following criteria:
- Be a full-year New York resident or married to one.
- Have a child that qualified for the federal child tax credit.
- Claim a child tax credit based on 2017 income thresholds or meet 2023 federal income requirements.
Who Qualifies for the Child Tax Credit Check?
New York residents who meet the following conditions can expect a check in their mailbox:
- Claimed the Empire State Child Credit for 2023.
- Received at least $100 from the ESCC.
- Filed their return by the April 15, 2024 deadline (or had a valid extension).
How Much is the Child Tax Credit Check?
Families can receive up to $330 per child. The exact amount is based on the federal adjusted gross income (AGI) on the 2023 tax return. The payment ranges from 25% to 100% of the claimed child tax credit. For example:
- If your federal AGI was $10,000, you will receive the full $330 per child.
- If your federal AGI was more than $10,000 and less than $25,000, you will receive 75% of your ESCC.
- If your federal AGI was more than $25,000 and less than $50,000, you will receive 50% of your ESCC.
- If your federal AGI was more than $50,000, you will receive 25% of your ESCC.
How to Apply for a Check
There is no application process. Enrollment is automatic based on the 2023 tax filing, and checks are already being sent out. To check the status of your payment, visit the state’s Department of Taxation and Finance website.
Future of the Program
The 2024 tax credit mailout is a one-time occurrence. However, Governor Hochul has expressed her commitment to addressing the cost of living for working parents, which may lead to potential expansion of this program in the future.
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