Gov. Hochul Proposed To Expanding Empire State Child Tax Credit

In Gov. Kathy Hochul’s upcoming 2025 State of the State address, the Child Tax Credit plans to pay as much as $1,000 per child up to age 3, and $500 for kids aged 4 and 16. “The cost of living and raising a family is still too high,” said Hochul. “We’re proposing a massive increase to put money back in the pockets of hardworking families.” Families with kids under 4 would get their potential $1,000 in 2025, while the $500 for those with older children would start in 2026. Households with incomes up to $110,000 would get that full payout of $1,000 for younger children and $500 for older children. The benefit would gradually decrease until the $170,000 threshold. A family of four—with a toddler and a school-age child—that earns up to $110,000 would get $1,500. That’s almost $1,000 over the current credit, which tops out at $330-per-child credit for the lower age bracket. The new plan lowers the cap for the credit, helping middle-class families who couldn’t qualify before, because they made too much money. In the new system, a family of four making $170,000 would still get over $500, which they wouldn’t have gotten before.

Source: Rochester First