New York Governor Kathy Hochul announced that the state had set aside funds to lend financial support to families through the Empire State Child Tax Credit (ESCTC), to help them reduce the cost of meeting the needs of their kids. The checks will be distributed by the end of August and will require no further actions from the recipients.
What is the child tax credit for?
The Child Tax Credit (CTC) represents one of the best ways the US supports tens of millions of families to raise their kids and provide them with a better living condition. They provide $2,000 per child to more than 40 million families who are citizens and residents of the United States.
The fund, which has been available since 1997, has had a huge impact on child poverty and benefited over 60 million kids. It has cut child poverty in half, recording 5.2%, its lowest ever, and improving the quality of life for kids with different backgrounds, including whites, Hispanics, blacks, Asians, and Native Americans.
Which states are offering the child tax credit?
New York will not be the only state giving out $330 in child tax credits. More states have joined the program to support the families in their state with funds that will cushion the cost of raising the children. The funds will be accessible to eligible parents or guardians if they meet the required criteria.
The states that will be offering CTC in 2024 alongside New York include:
- California
- Colorado
- Idaho
- Minnesota
- Maryland
- Massachusetts
- Maine
- New Jersey
- New Mexico
- Oklahoma
- Oregon
- Utah
- Vermont
What are the requirements for receiving the Child Tax Credit?
To receive the funds from the CTC, aspiring recipients must certainly meet some requirements that have been outlined, which aid their qualification. The requirements are not strenuous and can be easily met, giving families a high chance of benefiting from the program; funds will be released by the end of this month.
The requirements include the following:
- The recipient must be a resident alien or citizen of the United States.
- The parents must have their ward(s) reside with them for at least half a year.
- The child must have a social security number.
- The child must be under 17 by the end of December 2023.
- The child, who could be a biological child, adopted child, foster child, sibling, half-brother, or half-sister, must be legally recognized as yours with valid documentation to prove the same.
- More than this, the child must not have contributed more than half of their financial support within the relevant tax year.
Individuals who meet these requirements can apply for the program, provided that they live in participating states.
