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New York is freeing up $350m dollars to fund Child Tax Credits worth up to $330 per eligible child without any paperwork needed from locals, but when might residents finally see the money?
The money will aim to supplement and help moderate-to-low-income families within the state of some 19.57 million people, with checks beginning to be distributed from Thursday, August 1, 2024.
All parents who qualified for the Empire State Child Tax Credit in 2023, as well as filing their taxes on time, will receive the money via a check in the post as per CBS News. This is provided they earned below $75,001 as a single parent and $110,001 as a married couple.
"One million New York families will be receiving a check in the mail by the end of August," Governor Kathy Hochul said on July 31. "Depending on your income and size of family, some people will receive $330 per child. You have three children, that's $1,000 in your pocket.
"New Yorkers don't have to do anything to receive this payment. No forms, no hoops to jump through. It's just going to come to them."
The exact amount ranges from 25% to 100% of 2023's Child Tax Credit and is based on family income as Gov. Hochul bids to help eradicate poverty and help low-income households throughout New York state.
What is a Child Tax Credit?
A Child Tax Credit reduces the amount of income tax owed, or in some cases, provides a refund to eligible taxpayers with dependent children and are designed to alleviate financial burdens on families.
They also promote child welfare, and support low- and middle-income households by providing this financial assistance to reduce child poverty, encourage family stability, and ensure that children's basic needs are more easily met.
"My first advocacy was down at City Hall," Senate Majority Leader, Andrea Stewart-Cousins, said. "Begging them not to kick my child out of day care because I made $7000 a year."