Economy

New Stimulus Check from New York: Gov. Issues New Child Tax Credit for Low-income Families

In an effort to combat inflation and improve affordability, lawmakers in New York have announced millions of dollars of tax relief. This new stimulus check from New York will go to residents who received the Empire State Child Credit or the Earned Income Credit on their 2021 tax returns.

Under the program, about two million eligible New Yorkers could get a payment of $270.

New Stimulus Check From New York: Who Will Get It?

On Thursday, Gov. Kathy Hochul announced that $475 million had been set aside to provide a one-time child credit to eligible New Yorkers.

Gov. Hochul and members of the state legislature approved this new payment, called the “Additional NYS Child and Earned Income Tax Payment” as part of the FY 2023 Enacted Budget.

“With this relief package, we’re making good on our commitment to helping hardworking New Yorkers through the nationwide affordability crisis,” Gov. Hochul said.

Taxpayers who either qualify for the Empire State child credit or the earned income credit of at least $100 or both will qualify for the new stimulus check from New York.

Another requirement is that the residents must have filed their New York State income tax return by April 18, 2022, or had a valid extension of time to file.

Eligible New Yorkers will get the payment automatically. The Department of Taxation and Finance will start mailing the checks to eligible New Yorkers in September, and issue most payments by the end of October.

Those who have recently moved to a new address should inform the Department of Taxation and Finance to ensure their payment is not delayed.

To update their address, taxpayers need to create an account on the Department’s website, and then follow the on-screen instructions to update their address.

To get more information on the ‘Additional NYS Child and Earned Income Tax Payment’ or to check your eligibility, click here.

Other Similar Stimulus Checks For New Yorkers

This new stimulus check from New York is part of Gov. Hochul’s commitment to put more money back in the pockets of everyday New Yorkers.

“This program will put money back in the pockets of nearly two million New York families struggling to make ends meet in the face of the pandemic, inflation, and other rising costs,” said Gov. Hochul.

Earlier this year, Gov. Hochul came up with the new homeowner tax rebate credit to accelerate the distribution of $2.2 billion in tax relief to more than 2 million residents.

Eligible residents received up to $1,050, with New York City households getting around $425. Outside the city, households got an average amount of $970.

Recently, Gov. Hochul also announced a gas and diesel tax holiday to offer some relief from the rising gas prices. The state suspended its 16-cents-per-gallon tax from June 1 through the end of the year. The tax cut is expected to cost the state about $585 million.

This article originally appeared on ValueWalk

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.