New York legislation could help working families in the state cope with rising prices.
The Working Families Tax Credit would combine a patchwork of tax credits, the current Empire State Child Credit, the Earned Income Tax Credit and several others. The bill would also raise the maximum tax credit to $1,600 with a $100r minimum credit per child, regardless of family income.
Sen. Andrew Gounardes, D-Sunset Park, the bill’s sponsor, said financing the credit will not cost much in the state’s budget.
“There are a number of loopholes that exist in the state tax code we can look to close to pay for this,” Gounardes pointed out. “But there’s no reason why New York should continue to have three of the ‘top 10 worst states for child poverty,’ given the vast amounts of money we spend in our state every single year clearly are not achieving the results we need it to achieve.”
He noted feedback on the bill has been positive from lawmakers and New Yorkers but it is the third time this proposal has been introduced. Gounardes explained competing budget priorities are the primary challenge to getting it passed and stressed he is confident.
The attempt to pass the measure comes as Gov. Kathy Hochul announced plans to expand the state’s Child Tax Credit. Hers would raise the credit to $1,000 annually per child under age 4 and $500-dollars for children ages 4-16.
Gounardes supports Hochul’s plan and said a Working Families Tax Credit would put even more money in families’ pockets.
“Kids, even though it might be more expensive when they’re younger, they don’t stop needing things,” Gounardes pointed out. “They don’t stop needing school clothes, school supplies; they don’t stop eating, they don’t stop needing heat and a roof over their head. So, I think the governor’s proposal is a great start to a conversation about what will it take to support families who are struggling the most.”
A 2023 University of Washington report found almost two of five households in New York cannot afford basic needs and more than 2 million New York households struggle to get by solely on their earnings.
Edwin is a reporter and producer in North Tonawanda, New York. He’s previously reported for the Niagara Gazette and the Ithaca Times. Edwin got an early start in radio interning for WBFO-88.7FM, NPR’s Buffalo affiliate. In 2018, he graduated from SUNY Buffalo State College with a B.A. in Journalism, and in 2022, graduated from Syracuse University with an M.S. in Communications.