New York Families To Get Up To $5,000

It is getting tougher and tougher for New York families to make ends meet, but there's good news thanks to Governor Kathy Hochul. According to the Bureau of Labor Statistics, "The food index increased 2.9 percent over the last year." It's costing New York families more to feed their families less, thanks to a tanking economy.

Families that rely on SNAP to help bridge the gap received some good news from New York State recently. The New York State Summer EBT Program is now accepting applications. The program will give New York families with children an extra $120 to purchase extra food during the summer months. You can get more details on that here.

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Good Money News For New York's Working Families

First up is free lunches! This will save parents some money on groceries for sure. While many students in New York State public and charter schools already receive free lunch, all those who did not previously will. Governor Kathy Hochul and the state legislature approved the 2025-2026 Fiscal Year Budget, which includes $340 million for free lunches.

Additionally, Gov. Hochul is offering parents up to $5,000 in tax credits to help them retain more of their income. According to LendingTree, raising a child in New York is not cheap,

- Basic annual expenses to raise a small child equal $26,017 in New York
- Families are projected to spend $131,094 over 18 years raising a child in New York
- New York families spend an average of 19.8% of their income on the basic annual expenses to raise a child

 

Here's The Financial Relief Coming To New York Families

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Expanded Child Tax Credit
The budget will deliver an increase to the Child Tax Credit. Eligible families will receive a $1,000 credit for kids younger than 4 years old and a $500 credit for kids between the ages of 4 and 16.

Inflation Rebate Checks
- Joint tax filers will receive a $400 check (with income up to $150,000).
- Joint tax filers with income over $150,000 and under $300,000 will receive a $300 check.
- Single tax filers will receive a $200 check (with income up to $75,000).
- Single filers with incomes over $75,000 and under $150,000 will receive a $150 check.

Tax Cuts For The Middle Class
Gov. Hochul's FY 2026 New York State Budget will reduce income taxes for more than 75 percent of all New Yorkers who file taxes, providing nearly $1 billion in tax relief to 8.3 million New Yorkers each year.

Free School Meals for Students
Over 2.7 million students can receive breakfast and lunch for free at school, saving working families money. There will no longer be an income requirement for kids to receive free lunch. The estimated savings for families in NY is $165 per child each month.

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