Empire State Child Tax Credit 2024: Life in New York just got a bit brighter. Governor Kathy Hochul has announced that $350 million from state funds will be distributed throughout August. This is part of the expanded Empire State Child Tax Credit program, aimed at helping families with kids under 17. Here’s a simple breakdown of what you need to know, from who qualifies to how much you might get.
The Empire State Child Tax Credit (ESCC) is a financial boost for New York families with children under 17. It’s designed to help with childcare costs and is refundable, meaning you can still get some of the money even if you don’t owe any taxes.
Eligibility requirements for the child tax credit
If you want to take advantage of the ESCC in 2023, there are a few things you need to know. First, you must have lived in New York for the entire year or be married to someone who did. Also, you need to have a child who qualifies for the federal child tax credit.
You can also qualify if your income matches the limits set in 2017, or if you meet the 2023 federal income requirements. If you fit these criteria, you might be able to claim a certain amount of money per child on your 2023 tax return.
How to know if you qualify for the child tax credit check
To find out if you’ll get an extra check for the child tax credit, you need to have claimed the ESCC for 2023 and received at least $100 from it.
The maximum amount you can get per child is $330, but the exact amount depends on your federal adjusted gross income (AGI) on your 2023 tax return. The payment can be anywhere from 25% to 100% of the child tax credit you claimed. For example, if your AGI is $10,000, you’ll receive the full $330 per child.
To make it easier to estimate how much you might receive, New York State has an online calculator you can use. Here’s how the amount might look based on different AGI ranges:
- If your AGI is between $10,000 and $25,000, you’ll get 75% of your ESCC.
- If your AGI is between $25,000 and $50,000, you’ll get 50% of your ESCC.
- If your AGI is over $50,000, you’ll get 25% of your ESCC.
How to Get Your Child Tax Credit Check
You don’t need to sign up to get your child tax credit check. It will be sent to you automatically based on your 2023 tax return, and checks are already on their way.
If you want to check on your payment or have questions about taxes in New York, you can visit the state Department of Taxation and Finance’s website.
The 2024 child tax credit check is a one-time payment, but many people are wondering if there will be another one in 2025. For that to happen, the state would need to include funding for it in next year’s budget.
Governor Hochul has said, “I will never stop fighting to address the cost of living for working parents,” which matches her efforts to increase tax refunds for New Yorkers.
If she continues to push for this, we might see more help for New York families in the future, possibly expanding the program even further.
How the Child Tax Credit Helps New York Families
The Child Tax Credit in New York, known as the Empire State Child Tax Credit, makes a big difference for many families. It provides much-needed financial support, especially for those with low to moderate incomes who are finding it hard to keep up with everyday expenses. The money from this credit can be used for things like childcare and school supplies, helping ease the burden on families that need it the most.
To make sure you get the full benefit of the Child Tax Credit, it’s important to file your tax return on time. The deadline is April 15, 2024. If you need more time, you can request an extension. Filing your taxes promptly not only ensures you get any refund you’re owed but also makes sure you qualify for other benefits, including the Empire State Child Tax Credit.
Helpful Tools and Resources
New York State offers various tools and resources to assist families with the Child Tax Credit process. Besides an interactive calculator on their website, you can find guides and FAQs that help explain the program and how to make the most of the benefits available.
The Empire State Child Tax Credit is a vital program that provides essential financial support to families in New York. With the recent expansion of the program and Governor Hochul’s continued dedication to advocating for working parents, there’s a lot to be hopeful about. Families can expect not only the support they need now but also possible program expansions in the future, offering ongoing and meaningful relief.
The Child Tax Credit is more than just financial help; it’s a clear sign of New York State’s commitment to ensuring all families have the resources they need to thrive.
Conclusion
The recent expansion of the Empire State Child Tax Credit is a significant step toward providing much-needed financial relief to New York families. By offering up to $330 per child, this initiative helps ease the burden of rising living costs, particularly for low to moderate-income households. As Governor Hochul continues to champion the needs of working parents, the program’s future looks promising, with potential expansions on the horizon. This tax credit is not just financial assistance; it’s a vital support system for families striving to provide the best for their children in New York.