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New York Families to Receive Child Tax Credit Payments This August
Eligibility and Payment Details for the 2023 Empire State Child Tax Credit
According to Kiplinger, New York families can look forward to a financial boost this August thanks to the expanded Empire State Child Tax Credit (ESCC) program. Governor Kathy Hochul announced that $350 million in state revenues would be distributed to eligible families as part of this initiative. This tax credit is designed to help families with children under 17 cover childcare expenses. The ESCC is a refundable tax credit meaning families can still receive money even if they don’t owe any taxes. To qualify for the 2023 ESCC families must meet several requirements. They need to be full-year New York residents or married to a full-year resident have a child who qualifies for the federal child tax credit and have met the income thresholds based on either 2017 or 2023 federal income requirements.
Eligible families can claim up to $330 per child on their 2023 tax return. The exact amount depends on the family’s federal adjusted gross income (AGI). For instance families with a federal AGI of $10,000 or less will receive the full $330 per child. Those with an AGI between $10,000 and $25,000 will get 75% of the ESCC while those with an AGI between $25,000 and $50,000 will receive 50%. Families with an AGI over $50,000 will receive 25% of the credit. Families do not need to apply for this check. The process is automatic based on their 2023 tax filings and checks are already being sent out. To check the status of their payment or for more information families can visit the New York Department of Taxation and Finance website.
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$350 Million: New York Families to Receive Child Tax Credit Payments This August – Are You Qualified? (PHOTO: New Jersey 101.5)
Governor Hochul‘s Commitment to Supporting Working Parents
Furthermore, regarding the future this payment will only be made once in 2024. Speculation has been made regarding the possibility of similar rewards in 2025. Governor Hochul has said that she is committed to helping working parents with their living expenses which suggests that this initiative may expand in the future. With the support of this program New York families will hopefully receive much-needed respite from the enormous expenses of raising children. Governor Hochul‘s larger initiatives to assist working parents and raise the standard of living for families in the state include the ESCC program.
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