Wednesday, July 24, 2024
HomenewsAs part of the state's proposed stimulus package, New York has proposed...

As part of the state’s proposed stimulus package, New York has proposed a child tax credit of $1,500 per child, payable permanently.

New York state legislators have introduced a bill to expand the state’s child tax credit (CTC).
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The proposed legislation would expand the Child Tax Credit program in New York from $500 to $1,500 per child, creating the New York State Working Families Tax Credit in the process.

Affording Children in New York State a Tax Break

Families with children younger than four years old and those with the lowest incomes would be prioritized under the idea.

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For households in New York, the bill would set up regular payments every three months to help with the high cost of living.

And data show that poverty in New York City is increasing. This week, the office of state comptroller Tom DiNapoli released a report stating that 2.7 million people in New York, or around 14% of the population, are living in poverty. Nationwide, 12.8% of the population lives below the poverty line.

The proposed $1,500 tax credit would be available to individuals with an adjusted gross income of less than $25,000 or couples filing a combined return with an adjusted gross income of less than $50,000. Beginning with 2023 tax returns filed in 2024, taxpayers would be eligible for the benefit.

Intensified CTC

Eligibility would be determined annually by the state Department of Taxation and Finance using tax returns.

It has been determined through study that the proposed increase in the Child Tax Credit will set taxpayers back $4 billion.

The American Rescue and Reinvestment Act was the most current legislation to provide stimulus compensation for monetary losses related to COVID-19.

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The Kid Tax Credit was doubled to a maximum of $3,600 per child as a result of the Act, which resulted in checks for most people and their dependents totaling $1,400.

Rep. Schiff has asked fellow Democrats to introduce legislation to expand the Child Tax Credit. Schiff argues that the American Rescue Plan Act’s tax credit enhancement should be made permanent rather than allowed to expire at the end of December 2021.


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