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New York state Gov. Andrew Cuomo said on Friday that the child tax credit will start increasing in July.
According to Politico, at a campaign event on Thursday, Cuomo said that the state will increase the child tax credit to $1,050 by July. At the same time, he said that the child tax credit payment will increase.
Earlier this month, the New York State Budget Office released a new report that found that the number of children in New York will drop by 13,000 this year. The report said that 8,000 children would drop out of the system.
The New York governor has announced that up to $400 million will be cut from state funds in the next fiscal year in response to the budget deficit.
“When we cut taxes in the past, when we cut services, it has affected our ability to deliver for our children. You know, when the wind blows, we have to lift the sticks of downward, upward, upward,” Cuomo said.
Currently, the state provides tax credits that exempt up to $500 from the income tax. The tax credit can be given on expenses like child care, clothing and dental care. The tax credit is awarded on the basis of a child’s age, as well as the education received as part of the child’s eligible expenses.
Many New Yorkers will start making full checks in July, and full checks will start changing hands on July 15.
