New York Governor Kathy Hochul announced initiatives to support families facing rising living costs, including an increase in the child tax credit and inflation refund checks. Over 8 million residents will receive direct payments totaling $2 billion, funded by increased sales tax revenue due to inflation. The child tax credit will significantly rise starting in 2026, helping cover essential expenses for families. These measures are aimed at reducing child poverty and stimulating community economies by providing families with more resources to spend on necessities.
"Hochul says this money comes from higher sales tax collections due to inflation, and it's only fair to send it back to the families who paid it."
"Starting in 2026, New York families could see up to $1,000 per child under age 4 and $500 for children aged 4 to 16 in child tax credit payments."
Collection
[
|
...
]