New York families have received welcome news as Governor Kathy Hochul announced the distribution of $350 million in state revenues throughout August.
This initiative is part of the expanded Empire State Child Tax Credit (ESCC), a program designed to provide essential financial support to families with children under 17.
Here’s a breakdown of what you need to know about this benefit, including eligibility requirements, payment amounts, and how to receive your check.
Understanding the Empire State Child Tax Credit
The Empire State Child Tax Credit (ESCC) is a refundable tax credit aimed at alleviating the financial burden on New York families with children under 17.
Unlike non-refundable credits, the ESCC allows eligible families to receive a portion of the credit even if they have no tax liability, making it a vital resource for low-income households.
Eligibility Requirements
To qualify for the ESCC in 2023, families must meet several criteria:
- Residency: You must be a full-year resident of New York State or married to someone who is.
- Child Qualification: Your child must qualify for the federal child tax credit, which generally applies to children under 17.
- Income Thresholds: Eligibility is also based on income. You must meet the income thresholds set by either the 2017 or 2023 federal guidelines.
If you meet these requirements, you can claim up to a certain amount per child on your 2023 tax return, potentially receiving a check of up to $330 per child.
How to Determine If You Qualify
To receive an additional check for the child tax credit, you must have:
- Claimed the ESCC on your 2023 tax return.
- Received at least $100 from this credit.
- Filed your tax return before the April 15, 2024 deadline, or secured a valid extension.
The amount you receive will depend on your federal adjusted gross income (AGI) as reported on your 2023 tax return. Payments can range from 25% to 100% of the claimed child tax credit. For instance, if your AGI is $10,000, you will receive the full $330 per child.
Payment Tiers Based on AGI
Here’s how the payment amount varies based on your AGI:
| AGI Range | Percentage of ESCC | Amount Per Child |
|---|---|---|
| Up to $10,000 | 100% | $330 |
| More than $10,000 to $25,000 | 75% | $247.50 |
| More than $25,000 to $50,000 | 50% | $165 |
| Over $50,000 | 25% | $82.50 |
To help you calculate the exact amount you could receive, the state of New York offers an interactive calculator on its website.
Receiving Your Child Tax Credit Check
Automatic Enrollment
The great news is that you don’t need to apply separately to receive this payment. If you qualify based on your 2023 tax filing, you will be automatically enrolled in the program, and checks are already being sent out.
Checking Payment Status
To check the status of your payment or for any tax-related queries, visit the New York State Department of Taxation and Finance website.
This resource can provide updates on when you can expect your check and answer any questions you might have about the process.
Future Expansions
While the 2024 distribution of child tax credit checks is a one-time event, there is potential for this program to continue in 2025.
Governor Hochul has expressed a strong commitment to supporting working parents and addressing the cost of living, indicating the possibility of future expansions.
Impact on New York Families
The Empire State Child Tax Credit is more than just a financial benefit; it’s a significant support mechanism for families across New York.
Especially for low to moderate-income families, this credit can help cover essential expenses, from childcare to school supplies, providing much-needed relief in challenging economic times.
Importance of Filing on Time
To ensure you receive the full benefits of the Child Tax Credit, it’s crucial to file your tax return on time. The deadline is April 15, 2024, but if you need more time, make sure to request a valid extension.
Filing promptly ensures you are eligible for this and other benefits, including any refunds you may be entitled to.
Additional Resources
New York State offers several tools and resources to help families navigate the Child Tax Credit process. The state’s website provides an interactive calculator, guides, and FAQs to help you understand the program and maximize the benefits available to you.
The expanded Empire State Child Tax Credit is a valuable initiative that provides essential financial relief to New York families. With ongoing support from Governor Hochul, the program may see further expansion, offering even more assistance in the future.
For now, families can look forward to receiving their checks and using this financial aid to ease the cost of raising children in New York.
FAQs
How much can I receive from the Empire State Child Tax Credit?
Up to $330 per child, depending on your federal adjusted gross income (AGI).
Do I need to apply for the child tax credit check?
No, you will be automatically enrolled if you qualify based on your 2023 tax return.
When will I receive my child tax credit check?
Checks are being distributed throughout August; check the state website for updates.
What if my AGI is above $50,000?
You’ll receive 25% of your ESCC, which equates to $82.50 per child.
Will there be another payment in 2025?
This depends on future state budgets and possible expansions of the program.
