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Governor Kathy Hochul is working to gather support for her recent proposals outlined in the State of the State address. On Wednesday (January 15), she visited the Commission for Economic Opportunities Community Resource Center in Troy to discuss her plan to increase the child tax credit. The proposal aims to provide up to $1,000 per child under four and $500 for children aged four to sixteen. This expansion would support over 2.75 million children across the state, benefiting families earning up to $200,000 or more.
Governor Hochul emphasized the importance of putting money back into the pockets of working families. "From groceries to strollers to kids’ clothes, the cost of living and raising a family is still too damn high," she stated. The proposed changes would need approval from the state Legislature before they can be implemented.
The governor also highlighted that the state would not need to use reserves to cover these tax cuts, as the budget has been managed to increase reserves from 4% to over 15%. Hochul plans to present her state budget next week, which will further detail these initiatives.
Governor Hochul's proposal marks the largest expansion of the child tax credit in New York's history, aiming to alleviate child poverty and support middle-class families. She also proposed lowering middle-class taxes and issuing tax rebate checks to most New Yorkers.