Gov. Hochul is proposing a significant growth of New York’s little one tax credit score of as much as $1,000 per little one, she introduced Monday.
The plan, one in every of a number of the governor plans to set forth throughout her annual State of the State deal with subsequent week, would give eligible households with kids beneath the age of 4 a $1,000 credit score for the 2025 tax yr, and people with kids between ages 4 and 16 a $500 credit score the next yr.
At the moment, the state’s little one tax credit score supplies as much as $330 per little one.
“Raising a family is harder than it’s ever been before,” mentioned Hochul at Vanderbilt YMCA in Midtown East. “Everything is up.”
“I want to support families, especially in those earliest years when you’re not getting enough sleep at night. I know that. You’re stressed out. But family by family, child by child, community by community, we will make this place better and more livable and more affordable.”
The profit can be expanded to households incomes as much as $200,000 or extra, in keeping with a press launch. It’s anticipated to succeed in 1.2 million kids in New York Metropolis alone.
On Monday, Gov. Hochul proposed an growth of New York’s little one tax credit score. (Don Pollard/Workplace of Governor)
In response to governor’s workplace estimates, this system may cut back little one poverty statewide by 8.2% when totally applied.
Hochul’s plan is one in every of a number of competing proposals on the state and federal ranges.
In a press release following Hochul’s announcement, state Sen. Andrew Gounardes plugged his personal “Working Families Tax Credit,” which might increase the utmost tax credit score to $1,600 per little one and pin the credit score to inflation as quarterly funds, as one of the best ways to cut back little one poverty and help dad and mom.
The announcement comes as the problem of affordability has taken entrance and middle for New York politicians within the aftermath of the presidential election. For her first press convention of the yr, Hochul — who is anticipated to face formidable challengers in the course of the gubernatorial race subsequent yr — touted a collection of recent insurance policies taking impact to “put money back into the pockets of New Yorkers.”
Hochul is scheduled to ship the 2025 State of the State speech on Tuesday, Jan. 14 at Hart Theater at The Egg in Albany.
Initially Revealed: January 6, 2025 at 3:34 PM EST
