What Governor Hochul’s child tax credit boost proposal could mean for families in New York

ROCHESTER, N.Y. — Governor Kathy Hochul has proposed what she describes as the largest expansion of the child tax credit in New York State’s history.

Eligible families could receive a yearly tax credit of up to $1,000 for each child under the age of four. For children aged four to sixteen, the credit could be up to $500. Currently, the credit is capped at $330 per child.

Governor Hochul emphasizes that the tax credit not only supports families but also stimulates local economies.

“When people spend money, for every dollar we invest in a family, they’re spending it – $1.25 in economic impact in those grocery stores, for the neighborhood shops, the mechanic, the plumber, everybody,” she said.

The annual income limit for these credits is set at $110,000 per household.

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