New York Expands Child Tax Credit to $1,000

New York's FY 2026 budget includes a major expansion of the state's Child Tax Credit, providing up to $1,000 per child under age four and up to $500 for children aged four to sixteen, nearly tripling the previous amount. The expansion extends eligibility to more middle-income families, with some sources noting limits up to $170,000 or $200,000 in annual income, and is expected to benefit up to 1.6 million families and 2.75 million children statewide. The enhanced credit, which is fully refundable, is part of Governor Kathy Hochul's broader affordability agenda aimed at addressing the financial pressures families face and combating high rates of child poverty in the state. Additional FY 2026 budget measures include investments in child care and education, universal school meals, a middle-class tax cut, and free college for high-demand fields. The new credit supports the state's goal of cutting child poverty by 50% within a decade, as set by the Child Poverty Reduction Act. Lawmakers and advocates are pushing for the expanded credit to become permanent beyond its current authorization through 2027.