$1000 Per Family PER KID Approved For New York State Families

Great news for New York State families in 2025 where there is going to be some more money in their pockets after a new bill has passed by Governor Hochul.

New York State will be investing over 2 billion dollars for families this year. Here is one of the biggest new advantages that will be happening. The younger that you kid is

Child Tax Credit Increased to Record Levels: Up to $1,000 per Child Under 4

According to the New York State website, here is the new tax rule that will be happening in 2025.

Delivering a sweeping increase to the Child Tax Credit by giving eligible families a $1,000 credit for kids younger than 4 years old and a $500 credit for kids ages 4-16, the highest levels in state history.

Now, what does mean? Do you get $1000 per kid?

The answer is no.

You will get a $1,000 tax credit when you file your 2025 taxes. So, the credit will not be applied until you file your taxes in 2026. It is important to note that this is only for kids that you have that are under 4 years old. If they are older than 4 years old, you will only get 500 dollars per kid for a tax credit. The idea behind the tax credit initiative is to reduce childhood poverty in New York State and it was announced late last week by New York State Governor Kathy Hochul.

There is also some income based requirements that you will need to know if you are looking to get the full amount and you can see the criteria here.