NEW YORK (WWTI) — Starting today, eligible families across New York and the nation will receive federal child tax credits.
Under the American Rescue Plan, the child tax credit increased from $2,000 per child to $3,000 per child. According to the Internal Revenue Service, parents of children under age six would be eligible for a $3,600 credit. The plan also includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications.
Specifically, nearly $15 billion will benefit 60 million eligible children as a part of the expanded Child Tax Credit that was enacted in early 2021.
According to the Center on Budget and Policy Priorities, an estimated 3,564,000 children across New York will benefit from this expanded tax credit.
United States Senate Majority Leader Charles Schumer added that this plan will impact 86% of New York children, as over $7 billion of is expected to go to families in New York State.
“Over 86% of families throughout New York will benefit from the enhanced Child Tax Credit just as they begin to fully recover from the global health and economic pandemic that rocked our country for the past year,” stated Senator Schumer. “That is why I made sure this relief bill included help for New York families, because this significant expansion of the Child Tax Credit will cut the nation’s child poverty rate in half and bring necessary relief.”
Schumer also claimed that the expanded child tax credit will cut the child poverty rate in half across the country.
The total amount of Expanded Child Tax Credit headed to each region in New York State can be found below:
|REGION||TOTAL EXPANDED CTC|