Families with children in New York will benefit significantly from the expanded Child Tax Credit program starting in April 2025. The maximum benefit has increased from $500 to an impressive $1,100 per child, aiming to alleviate the financial strain caused by rising living costs. This expansion is part of a broader tax reform initiative passed in late 2024. Key changes include an extended age limit for eligible children, now covering those from birth to age 18, and a simplified application process that allows for automatic verification based on tax filings. Families can choose to receive 50% of their credit in advance in April 2025, with the remaining amount available upon filing their 2025 tax return. To qualify, families must meet specific residency and income criteria, with full benefits available for married couples earning under $110,000 and single filers under $75,000. Importantly, receiving this credit will not affect eligibility for other state benefit programs.
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