NYC Gazette

Speaker Heastie, Ways and Means Committee Chair Helene E. Weinstein, and Children and Families Committee Chair Andrew Hevesi have revealed that the Enacted State Fiscal Year (SFY) 2024-25 Budget includes a significant provision aimed at supporting families. The budget allocates $350 million towards the Supplemental Empire State Child Credit, designed to alleviate the tax burden on families with children.

“This tax credit helps put money back in families’ bank accounts so that they can spend it on the everyday things they need most,” stated Speaker Heastie. The Assembly Majority, led by Speaker Heastie, emphasized their dedication to prioritizing New York families and ensuring their well-being. Assemblymember Weinstein echoed this sentiment, highlighting the direct impact of the tax credit on families: “By extending this tax credit, we’ll help families by putting that money directly back into their pockets and allow them to use it in the best way for their family.”

Assemblymember Hevesi emphasized the broader community benefits of investing in families, stating, “The Supplemental Empire State Child Credit will give more parents the opportunity to invest in their own families and spend that money where they need it most.” The $350 million allocated for this credit in the budget is expected to ease the financial burden on 1.8 million filers across the state, particularly benefiting families with children under four years old.

The enactment of this critical tax credit reflects the Assembly's commitment to supporting families in New York State and fostering an environment where families can thrive and grow.