Child Tax Credits (CTC) are an important way for low- and middle-income families to protect their finances. If these credits are set up correctly, they can help lower child poverty by a large amount.
Fourteen states will have CTCs in 2024 that are designed to help families in need. This is done to make sure that the full benefits reach children from the poorest families. Putting this much work together is a big investment in the next generation.
New York Child Tax Credit
As part of the Empire State Child Tax Credit (ESCTC), the state of New York gives up to $330 to each child. Governor Kathy Hochul set aside $350 million to pay for this important plan, which led to this effort.
The ESCTC is meant to help families with kids younger than 17 pay for child care. Costs are going up all the time these days, so this help is very important since little kids can’t take care of themselves.
Are you looking to get some money-saving chances? If so, you’ll have to follow a few rules in New York. Some of these are living in New York for a whole year or being married to someone who lives there all year. You must also meet the requirements for the federal child tax credit for 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.
Also See:- Will state aid checks keep coming in September 2024?