NY Expands Child Tax Credit, Cuts Middle-Class Taxes
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New York's FY 2026 budget expands the child tax credit, benefiting 2.75 million children. The credit increases to up to $1,000 per child under four and $500 for children aged four to sixteen. This doubles the average credit, reaching families previously ineligible due to income restrictions. The expansion will significantly reduce child poverty, and combined with other measures, will lower it by 17.7%. Additionally, the budget includes a middle-class tax cut benefiting 8.3 million New Yorkers with savings up to $323,000 for joint filers.
New York's FY 2026 budget expands the child tax credit, benefiting 2.75 million children. The credit increases to up to $1,000 per child under four and $500 for children aged four to sixteen. This doubles the average credit, reaching families previously ineligible due to income restrictions. The expansion will significantly reduce child poverty, and combined with other measures, will lower it by 17.7%. Additionally, the budget includes a middle-class tax cut benefiting 8.3 million New Yorkers with savings up to $323,000 for joint filers.
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