New York will see an increase in the Child Tax Credit in 2024, bringing financial relief to parents and guardians, in a positive development for families across the state.
The Child Tax Credit, a federal program designed to assist families with the cost of raising children, will now provide $330 per child, up from the previous amount of $250.
Child Tax Credit Legislative Improvements
This enhancement to the Child Tax Credit comes as part of a broader effort to support families and alleviate financial burdens. It is expected to impact thousands of households across New York, providing a boost in household income for parents who need it the most.
The increased Child Tax Credit is the result of legislation passed by Congress earlier this year. The goal of this legislation is to reduce child poverty, improve the overall well-being of children, and assist families with the high costs associated with raising children.
New York’s Governor, Sarah Rodriguez, welcomed the news, saying, “This increase in the Child Tax Credit is a significant step towards alleviating financial pressures on New York families. It will help parents provide for their children’s basic needs, such as food, clothing, and education, and contribute to overall family stability.”
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New York’s Tax Department’s Distribution Role
In 2023, eligible families received the expanded Child Tax Credit as part of monthly payments, which helped them cover day-to-day expenses. It is anticipated that these monthly payments will continue in 2024 to ensure that families receive the support they need in a timely manner.
New York’s Department of Taxation and Finance will play a key role in the distribution of these benefits, ensuring that eligible families receive their Child Tax Credit promptly.
Eligibility is determined based on household income, with the credit providing the most significant assistance to low and middle-income families.
This increase in the Child Tax Credit aligns with a broader nationwide effort to support families and children and is expected to make a meaningful difference in the lives of many New York families, helping them to provide a better future for their children.
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