NEW YORK (1010 WINS) – Gov. Kathy Hochul on Monday announced a proposal to expand New York’s child tax credit, potentially benefiting more than 2.75 million children across the state.
"When we invest in our youngest New Yorkers, we’re investing in their future and our future as a state," Hochul said. "I want to support families, especially in those earliest years when you're not getting enough sleep at night….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 plan, announced during a press event at the Vanderbilt YMCA in Midtown Manhattan, would provide eligible families with up to $1,000 per year for each child under the age of four and up to $500 per year for children aged four to sixteen.
The proposal marks the largest expansion of the child tax credit in New York’s history, significantly increasing the current credit, which is capped at $330 per child.
Tasha Brown, a worker at the Vanderbilt YMCA, shared her experience with the tax credit during the event. “When I received the tax credit last year, it was like getting an early birthday gift,” she said.
However, the proposal faces hurdles as it heads to the state legislature. Hochul has not yet detailed how the expansion would be funded, leaving its financial viability an open question.
The proposed tax credit aims to ease financial burdens for millions of families while fostering economic stability and support for New York’s youngest residents.