Could Parents In New York State Get $6,000 In Child Tax Credit Each Year?
Parents in New York State could get a child tax credit each quarter, earning a potential $6,000 credit per child each year. The bill was introduced by Senator Andrew Gounardes, a democrat from the 26th Senate District. If passed, the bill would offer a significant tax credit for parents in New York State.
The Working Families Tax Credit (S9610/A02464) is co-sponsored by democratic senators Jeremy A. Cooney, Timothy M. Kennedy, and Gustavo Rivera. Parents would receive a tax credit of $1,500 per child, per quarter, resulting in a total annual tax credit of $6,000 per child.
Sen. Gounardes recently tweeted,
For too many families across NYS, having to make near-impossible choices like choosing between buying groceries or paying the utility bill is a daily reality. That’s why @JeremyCooneyROC @AM_AndrewHevesi & I introduced the Working Families Tax Credit.
In an opinion piece in the Times-Union, Sen. Gounardes explains the benefits the bill would provide to New York families,
It eliminates the exclusion of children from birth to age 4, includes all families regardless of immigration status, and eliminates the income phase-in, providing those with the lowest income the largest credit. Along with increasing the maximum value of the credit to $1,500 per child, our proposal would guarantee that every family receives a minimum $500 credit regardless of income.
Don’t Let New York State Keep Your Money, Claim These Tax Credits
Tax season officially began today, Monday, January 23, 2023. If you are trying to get your refund back quickly, you're probably getting your documents together right now in order to file as soon as possible. But, before you file or hand things over to your tax preparer, make sure you are familiar with all the credits you might qualify for in New York State.
What Tax Credits Can New York Residents Take?
While there are way too many to list them all here, I'll drop some of the most frequently used. You definitely shouldn't leave any money on the table. If you receive any type of benefits or assistance, you can likely apply for tax credits without voiding your eligibility (check with a tax professional to be 100 percent sure).
In most cases, claiming tax credits does not affect eligibility for benefits like the Food Stamp Program (SNAP), Supplemental Security Income (SSI), Medicaid, Temporary Assistance for Needy Families (TANF), or public or subsidized housing. These credits are not considered income when determining eligibility for these programs, but they may be counted as a resource for some programs if the money is not spent within a certain time frame.