Speaker Heastie Announces Enacted Budget Includes Critical Tax Credit for Parents

Speaker Heastie Announces Enacted Budget Includes Critical Tax Credit for Parents

Speaker Heastie, Ways and Means Committee Chair Helene E. Weinstein and Children and Families Committee Chair Andrew Hevesi today announced that the Enacted State Fiscal Year (SFY) 2024-25 Budget includes $350 million to ease the tax burden on families through the Supplemental Empire State Child Credit.

"This tax credit helps put money back in families' bank accounts so that they can spend it on the everyday things they need most," Speaker Heastie said. "The Assembly Majority is committed to putting New York families first and will continue working to find ways to support families throughout New York State so they can continue to grow and thrive."

"Together we worked to craft a budget that would help our families, and this tax credit is a big part of that," Assemblymember Weinstein said. "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."

"When we invest in families, we invest in our communities," Assemblymember Hevesi said. "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 in the budget for the Supplemental Empire State Child Credit will help ease the tax burden on families with children, impacting 1.8 million filers across the state. Last year the credit was expanded to families with children under four years old.