Child Tax Credits (CTC) are a crucial tool for bolstering the economic security of low- and middle-income families. When well-designed, these credits can significantly reduce child poverty.
In 2024, 14 states will offer CTCs specifically aimed at benefiting families in need. This ensures that children from the most economically challenged households receive the full benefits. This collective effort represents a significant investment in the next generation.
New York Child Tax Credit
The state of New York offers up to $330 per child through the Empire State Child Tax Credit (ESCTC). This initiative comes after Governor Kathy Hochul allocated $350 million to fund this essential plan.
The ESCTC is designed to help families with children under 17 cover their childcare expenses. As the costs continue to rise in today’s world, this support is crucial since young children cannot meet their own needs.
Are you looking to take advantage of some financial benefits? If so, New York has several clauses you’ll need to meet. These include living in New York for an entire year or being married to a year-round resident. Additionally, you must meet the federal child tax credit criteria based on 2023.
Eligibility Criteria
How Do I Qualify?
To be eligible for this benefit, you must meet the following criteria:
- Residency: You must be a resident of New York for the entire year.
- Dependent Child: You must have a child under the age of 17.
- Federal Tax Credits: You should qualify for the federal Child Tax Credit (CTC) or the Additional Child Tax Credit (ACTC) based on income limits.
- Income Limits:
- If you are a single filer, head of household, or surviving spouse, your income must be $75,000 or less.
- If you are married and filing jointly, your combined income must be up to $110,000.
- If you are married but filing separately, your income must be up to $55,000.
Meeting these criteria can help you unlock valuable financial benefits. Make sure to check if you qualify and take advantage of the support available to you!