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Governor Kathy Hochul has announced a significant expansion of New York's Child Tax Credit as part of the fiscal 2026 budget. The new budget will provide an annual tax credit of up to $1,000 per child under four years old and up to $500 per child aged four through sixteen. This change is expected to benefit 1.6 million New York families.
The updated Child Tax Credit is designed to make New York more affordable for families by extending eligibility to families earning up to $170,000 annually, who will receive the credit for the first time. Governor Hochul emphasized that the budget aims to support families and make living in New York more affordable.
The fiscal 2026 budget reflects Hochul's commitment to addressing the financial challenges faced by families in New York. By increasing the Child Tax Credit, the state aims to provide more financial relief to families and improve their quality of life.
The new budget is part of a broader effort to support families and ensure that New York remains a viable place for families to live and thrive. The changes to the Child Tax Credit are set to take effect with the new fiscal year.