Since the expiration of a federal expansion of tax credits for families last year, NY lawmakers want to make it a key provision in the state. This would be meant to give increased support to families with kids younger than 18 years old.
The Proposal
Backed by State Senators, Andrew Gounardes and Jeremy Cooney as well as Assemblyman Andrew Hevesi, lawmakers pointed toward NY governor, Kathy Hochul to try and reduce poverty among children by half over the next decade. “For millions of families across New York state, having to make near-impossible financial choices — like choosing between putting food on the table or paying the utility bill — is a daily reality,” Gounardes said.
The measure would cover children ages 0-4, as well as families regardless of their citizenship status. Families with the lowest incomes would receive the largest of the credits.
Credit Amounts + Backed Study
The maximum credit a family could be eligible to receive is $1,500 per child, and all families would be able to claim $500 per child regardless of income. The cap on the number of children eligible to receive credit would end under this proposal. A study, highlighted by advocates and lawmakers, found that the since-lapsed expansion of the federal child tax credit helped lift nearly 2.9 million children out of poverty across the country, and 120,000 children in the state of New York.
Wrap Up
It remains to be seen if this new tax credit proposal will be put into action by the state, however, it seems like this would be a massive help to children and families across the state who are struggling to make ends meet. The state budget is due to pass by April 1st.