The State Child Tax Credit (CTC) has become a vital financial support for many families across New York. In 2024, an expanded Empire State Child Tax Credit program allows eligible families to receive up to $330 per child.
This payment, issued in August, is designed to assist low- and middle-income families, offering relief in the face of rising living costs.
Here, we dive into the eligibility criteria, payment amounts, and other important details regarding the 2024 CTC.
What is the Empire State Child Tax Credit?
The Empire State Child Tax Credit (ESCC) is a refundable tax credit aimed at helping families with childcare expenses. The credit can be claimed by families with children under 17 who meet certain income criteria. A unique feature of this credit is that even if a family doesn’t owe taxes, they may still qualify to receive it.
The 2024 CTC builds on this by providing a supplemental payment of up to $330 per child to eligible families who received at least $100 from the ESCC in their 2023 tax returns.
Eligibility Criteria for the $330 Child Tax Credit
To qualify for the 2024 supplemental child tax credit payment, families must meet the following criteria:
- New York Residency: Families must be full-year residents of New York, or one spouse in a married couple must be a full-year resident.
- Child Qualification: The child must qualify for the federal Child Tax Credit, meaning they are under the age of 17.
- Income Thresholds: The credit is designed to target low- to middle-income families, with specific income ranges affecting the amount families will receive.
For 2024, the payment amounts are based on your Adjusted Gross Income (AGI) as reported on your 2023 tax return:
| 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 |
How Do Families Receive the Payment?
The good news is that eligible families do not need to apply separately for this payment. If they qualify based on their 2023 tax filings, they are automatically enrolled, and the checks are already being mailed throughout August 2024.
Families can check the status of their payments by visiting the New York State Department of Taxation and Finance’s website.
The Impact of the Child Tax Credit
The expanded Empire State Child Tax Credit is a game-changer for many families, particularly those in the low- to middle-income brackets. It provides much-needed financial relief, which can be used to cover essential expenses such as childcare, school supplies, and other family necessities.
Governor Kathy Hochul has emphasized her commitment to addressing the cost of living for working families. The $350 million allocated to this supplemental payment is part of a broader effort to provide financial assistance to families in New York. Hochul has also expressed a desire to continue expanding such programs in the future.
Future of the Child Tax Credit Program
While the 2024 distribution is a one-time occurrence, there is speculation that this supplemental program could be renewed in 2025, depending on the state budget. With rising living costs, many hope for continued financial support to ease the burden on families.
Conclusion
The 2024 State Child Tax Credit provides vital financial relief to families in New York, helping to alleviate the burdens of childcare and other expenses.
With up to $330 per child available to eligible families, the program offers significant support, particularly for low- to middle-income households.
While the future of the program remains uncertain, Governor Hochul’s administration has signaled a commitment to continuing to address the financial challenges faced by working families.
FAQs
1. How much can I receive from the Empire State Child Tax Credit?
You can receive up to $330 per child, depending on your income. Families with an AGI under $10,000 will receive the full amount.
2. Do I need to apply for the child tax credit check?
No, eligible families are automatically enrolled based on their 2023 tax filings.
3. When will I receive my child tax credit check?
Checks are being distributed throughout August. You can check the status of your payment on the New York State Department of Taxation and Finance’s website.
4. What if my AGI is above $50,000?
If your AGI is above $50,000, you will receive 25% of the Empire State Child Credit, which equates to $82.50 per child.
5. Will there be another payment in 2025?
While the 2024 payment is a one-time event, there is a possibility of future expansions depending on state budget allocations.
References
- New York State Government – Governor Kathy Hochul’s Announcement
- Kiplinger – New York Child Tax Credit 2024
- New York State Department of Taxation and Finance
- The Bridge Shelter – Empire State Child Tax Credit Expansion
