Child Tax Credit 2024: New York State to Provide Up to $330 Payment per Child in ESCTC Program

Child Tax Credit $330 payment: With $350 million from Governor Kathy Hochul, the State of New York gives its citizens the Empire State Kid Tax Credit (ESCTC), which lets them get up to $330 back on their taxes for each child.

Due to the rising costs of child care and the fact that young children can’t take care of themselves, the ESCTC wants to help families with kids younger than 17 pay for child care.

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There are specific requirements for eligibility:

• You must be married to a full-year resident or have lived in New York for the entire year.
• You need to meet the 2023 federal child tax credit qualifying criteria.
• You must have claimed the Empire State Child Credit for 2023 and received at least $100 from the ESCTC.
• Taxes must be filed by April 15, 2024, or you must have a valid reason for any delay.

To what extent can I make a claim?

Residents can receive up to $330 per child on a sliding scale. The amount decreases as income increases. This benefit is based on the federal adjusted gross income (AGI) reported on the 2023 tax returns..

The Internal Revenue Service determines the federal AGI. In essence, it is your gross income less allowed IRS deductions for things like interest on student loans, tuition and fees, traditional IRAs, and some business expenses.

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The child tax credit program allows anyone making up to $10,000 but not more to claim the whole $330. If the federal AGI was over $10,000 but less than $25,000, the ESCTC will cover 75% of the $330.

If the federal AGI exceeds $25,000 but falls short of $50,000, 50% of the ESCTC will be awarded. It will only be paid at a rate of 25% if the federal AGI is more than $50,000.