New York Officials Propose Permanent $1500 Child Tax Credit
In New York, state lawmakers have introduced new legislation that would increase the state child tax credit in the hopes of lessening poverty levels. This proposed legislation would give birth to a new one bearing the name New York State Working Families Tax Credit. This would increase the state child tax credit to $1500 per child from $500. Also, the bill would lower the qualifying age of children to 4 years and families with the lowest income.
According to a published post by Silive. if the bill is accepted, families in New York would automatically receive quarterly payments to help pay for the basic need and necessities such as utilities, food, and clothing costs which are high at the moment.
According to the state comptroller’s released report, poverty rates are high and have been persistently high among some groups including children; female heads of household; Black, Hispanic, American Indian, and Pacific Islanders; people with disabilities; and those with less than a high school education.
Who Are Qualified for the Permanent Child Tax Credit?
People who are eligible for the proposed $1,500 tax credit would include single taxpayers with an adjusted gross income of $25,000 or less, or couples earning $50,000 or less who file a joint return. The credit would start with 2023 tax returns filed in 2024. Eligibility would be assessed by the state Department of Taxation and Finance through annual income tax returns.
Sen. Andrew Gounardes expressed that he wants to see the policy move forward so that there would be no reason for any child to live in poverty. In accordance to the report says the increased tax child tax credit proposal would cost an additional $2 billion for a total of $4 billion.