An expanded tax credit targeted at New York families that was part of the state’s Fiscal Year 2025 budget, will benefit his constituents and many other New Yorkers, according to Assemblyman William Colton (D—Gravesend, Bensonhurst, Bath Beach and Dyker Heights).

The state allocated a total of $350 million to create the Supplemental Empire State Child Credit, said Assemblyman Colton, providing additional fiscal relief to a total of 1.8 million taxpayers who have children age 17 and younger.

The additional credit is calculated based on the 2023 Empire State Child Credit. That credit is available to individuals who have lived in New York State for the full tax year or who are married to full-year state residents; who have a qualifying child or children; and who received the federal child tax credit or additional child tax credit based on income thresholds in effect for 2017 or who meet certain income limits: Married filers must have family incomes of $110,000 or less and single filers must have incomes of $75,000 or less.

“I am very pleased that this important tax credit was included in this year’s budget,” said Assemblyman Colton. “This is the kind of action that directly helps families in my district and across the state, who are constantly challenged to stretch their own budgets to cover a myriad of necessities, and who can certainly put the additional money to good use.”