Summary
Governor Kathy Hochul of New York announced an update to the state's child tax credit plan, which includes a significant expansion in benefits for families with children. The expansion, part of the 2026 state budget, aims to increase the financial credit available to families, helping over 2.75 million children in New York. Hochul also discussed broader plans for child care and education in her annual address.
Key Facts
- New York's child tax credit is called the Empire State Child Credit.
- The 2026 budget includes an expansion of this credit.
- Families with children under 4 will receive up to $1,000 per child annually starting in 2026.
- Families with children aged 4 to 16 will receive up to $500 per child starting in 2027.
- Over 2.75 million children in New York are expected to benefit from this expansion.
- Governor Hochul also announced plans for universal pre-K throughout New York by 2028.
- The expansion aims to help with child care costs and improve family finances.
