Thousands of families with children in New York could get more money in their pockets thanks to a new proposal. Gov. Kathy Hochul proposed a expansion of New York’s child tax credit that would give an annual tax credit up to $1,000 per child under age 4 and up to $500 per child from 4 through 16. This proposal represents the single largest boost to New York’s child tax credit in its history, and a significant increase above the value of the existing credit, which currently provides only up to $330 per child, according to officials. “From groceries to strollers to kids’ clothes, the cost of living and raising a family is still too damn high — and that’s why we’re proposing a massive increase in New York’s child tax credit to put up to $1,000 per kid back in the pockets of hardworking families,” Hochul said in a statement. “As New York’s first mom governor, I know how hard it can be for parents to make ends meet — and I’ll never stop fighting to make New York more affordable for every family.” Hochul’s proposed expansion of New York’s child tax credit will drive significant assistance to families with the youngest children and help families across the income spectrum. The average credit given out to families will double from $472 to $943. For example, under Hochul’s expanded child tax credit, a family of four with a toddler and school-age child, and a household income up to $110,000, would receive a credit of $1,500 per year — representing nearly $1,000 more per year than what that family receives under the current program. Additionally, while the full credit is available to jointly filing households up to $110,000, the expanded credit combined with its gradual rate of phaseout means even a family of four with household income of $170,000 would receive over $500 per year. That family would not have qualified for any credit under the current program. This proposed expansion will support 1.6 million families overall statewide. RegionEstimated Households BenefitingEstimated Children BenefitingNew York City740,0001.2 MillionLong Island215,000355,000Mid-Hudson180,000330,000Western New York118,000207,000Finger Lakes104,000180,000Capital Region86,000145,000Central New York67,000116,000Southern Tier51,00089,000Mohawk Valley43,50076,500North Country35,00061,000 When would I start getting this credit The credit will be phased in over two years, with households with children under 4 eligible for their $1,000 credit for the 2025 tax year and those with children over four eligible for the $500 credit for the 2026 tax year. The Empire State Child Credit is a refundable credit, which can either help offset taxes or be paid out directly to taxpayers as a refund.