Gov. Kathy Hochul has proposed increasing New York’s child tax credit to $1,000 per child under 4 and $500 for those aged 4-16, recognizing families' needs during economic challenges.
In acknowledgment of rising living costs, Ms. Hochul emphasized that the state's surplus in sales tax revenue should benefit the citizens, stating, 'It is your money, and it should be back in your pockets.'
The proposed tax changes come as Hochul seeks to enhance affordability in New York, following voter frustrations about the high cost of living and a shifting political landscape leading into the 2024 elections.
Hochul's tax credit expansion aligns with similar initiatives, including Mayor Adams's plan to eliminate income taxes for low-wage earners, aiming to lift households amid the state's financial challenges.
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