- Personal Finance. SNAP Benefits Texas Payment: Who will receive their August payment this coming week?
- Personal Finance. How to apply for Food Stamps in Texas? The process, timeline, requirements and everything you must do
The State of New York is offering citizens up to $330 per child through the Empire State Child Tax Credit (ESCTC) after Governor Kathy Hochul sets aside $350 million dollars to fund the crucial scheme.
The ESCTC aims to help families with children under the age of 17 cover their childcare expenses as costs continue to rise in the modern world whilst young children cannot cover their own needs.
It comes with several clauses such as being required to live in New York for a full-year or married to a full-year resident. They must have also met the federal child tax credit qualifying criteria based on 2023.
To meet additional payments, residents must have claimed the Empire State Child Credit for 2023 and have claimed at least $100 from the ESCTC. Taxes must have been filed by April 15, 2024, too, or have a valid reason for not doing so.
How much can I claim?
Residents can claim up to $330 per child at the maximum end, but it works on a sliding scale. The more well-off you are, the less likely you are to receive the full amount. It's based upon the federal adjusted gross income (AGI) of the 2023 tax returns.
The federal AGI is set by the Internal Revenue Service. Effectively, it is your gross income minus permitted IRS deductions such as a traditional IRA, student loan interest, tuition and fees, and certain business expenses.
Anyone earning up to, but not above, $10,000 will be able to claim the full $330 as part of the child tax credit program, but if the federal AGI was more than $10,000 but below $25,000, then the ESCTC will pay 75% of the $330.
If the federal AGI was more than $25,000 but below $50,000 then the ESCTC will be paid at 50%. If the federal AGI was above $50,000 then it will only be paid at 25%.