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, certainly one of a number of the governor plans to set forth throughout her annual State of the State handle subsequent week, would give eligible households with youngsters below the age of 4 a $1,000 credit score for the 2025 tax yr, and people with youngsters between ages 4 and 16 a $500 credit score the next yr.
Presently, 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,” stated 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 achieve 1.2 million youngsters in New York Metropolis alone.
On Monday, Gov. Kathy Hochul proposed an growth of New York’s little one tax credit score. (Don Pollard/Workplace of Governor)
In keeping with governor’s workplace estimates, this system might scale back little one poverty statewide by 8.2% when totally carried out.
Hochul’s plan is certainly one 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 elevate 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 simplest ways to cut back little one poverty and help mother and father.
The announcement comes as the difficulty of affordability has taken entrance and heart 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 sequence of latest 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 Printed: January 6, 2025 at 3:34 PM EST
