$670 More Coming to New York State Residents

Governor Hochul is going to be putting MORE money into New York State families pockets really soon. All families with young kids will have a tax credit up for $670 MORE per child. She refers to herself as the first "mom Governor" in New York State.

Right now the tax credit is $330 per kid. The change will make the new tax credit these amounts:

• $1,000 per kid up to the age of 4 years old
• $500 for families with kids 4 or 16 years old.
• the current maximum of $330 per child.
• the double the average credit given out to families from $472 to $943.

Governor Hochul will be taking the next step in this process when she addresses the proposal on Tuesday in New York State.

Everything is going up in price. When you go to the grocery store or the gas pump or to the department stores you notice it the most. It is harder than ever to live and Governor Hochul's new proposal will definitely help.

"Two years worth of diapers, a year’s supply of formula or two months of groceries, at least—months of groceries. So, it's about giving parents the peace of mind so they're not so stressed out. That's what we're trying to do here," Hochul said in her address.

As you can imagine, New York State families are excited about the proposal.

Will families in New York State get this credit this coming Spring when they file their refund? 

No, this will be for the 2025 year, so you would get your next tax credit relief, as long as it is approved by New York State, when you file your taxes next year, in 2026.