In a move to provide greater financial relief to families, New York State’s Department of Taxation and Finance (DTF) has introduced an additional payment for the Empire State CCP in the 2024-2025 fiscal year.
These additional payments are part of a larger state budget initiative aimed at supporting eligible taxpayers with children. Below, you’ll find a detailed guide on eligibility, payment amounts, and the expected timeline for these payments.
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New York’s Enhanced Empire State CCP
The Empire State CCP is a tax benefit designed to assist families in New York who have children under the age of 17. For the 2024-2025 budget cycle, the state is rolling out an extra payment, which will be automatically distributed to eligible taxpayers.
If you meet the eligibility requirements, no further action is required on your part to receive this additional payment.
Overview of the Empire State CCP 2024
| Program Name | NYS Empire State Child Credit |
|---|---|
| Initiated By | New York State Government |
| Eligibility | Filed taxes on time; payment directly to bank account or by check |
| Income Limit | $75,001 or less for single filers; $110,001 or less for married couples filing jointly |
| Payment Method | Direct Deposit to Bank Account |
| Amount | Up to $330 per child |
Impact of the Empire State Child Credit on NYC Families
Approximately 25% of children in New York live in poverty, with higher rates among children of color and in specific communities. Sixty-five percent of these children have at least one parent working part-time. Programs like the Empire State Child Credit encourage work by increasing the income of working families.
Eligibility Requirements
To be eligible for the additional Empire State CCP, you must meet the following criteria:
- Empire State Child Credit in 2023: You must have received at least $100 from the Empire State Child Credit during the 2023 tax year. This is a primary requirement for qualifying for the additional 2024 payment.
- Filing Status: Form IT-201, your New York State income tax form, should have been turned in by April 15, 2024. If you missed the deadline, you must have a valid extension to file your return.
- Residency: This extra payment will only be given to people who lived in New York State and were qualified for the Empire State Child Credit in 2023.
If you meet these criteria, the state will automatically determine your eligibility and the amount you’re entitled to, sending it to you without the need for further application.
Payment Amounts
The additional payment amount will vary based on your 2023 Empire State Child Credit and income level. This extra payment can range from 25% to 100% of what you received in 2023.
Lower-income families generally receive a higher percentage of the additional payment. For example:
- If you got $400 in 2023, the extra money you’ll get in 2024 could be anywhere from $100 (25%) to $400 (100%), based on how much money you make.
The state will handle the calculations, so there’s no need for you to estimate or apply for this payment.
Payment Schedule
The DTF will begin issuing these additional payments via mail starting in August 2024. Payments will continue until all eligible returns have been reviewed.
The exact timing of when you’ll receive your payment depends on when your tax return is processed.
Benefits of the Empire State Child Credit
The Empire State Child Credit provides crucial financial support and encourages families to engage in long-term financial planning. Understanding tax credits and their benefits can help families make informed decisions about their future financial needs.
Important Reminders About NY State CCP
- Check Your Mailbox: Since the payments will be sent by mail, regularly check your mailbox starting in August 2024 for a check from the New York State DTF.
- No Need to Call: The DTF advises against calling their contact center for payment schedule information, as they cannot provide details beyond the official announcements.
- Automatic Process: Payments are processed automatically based on your 2023 tax return. No additional forms or contact with the DTF are required.
For more information or to verify your eligibility, visit the official New York State DTF website at https://www.tax.ny.gov/pit/empire-child-credit-payments.htm.
FAQs
Who qualifies for the additional Empire State Child Credit payment?
You can get the credit if you got at least $100 in Empire State Child Credit in 2023 and turned in your NYS tax return by April 15, 2024.
How is the payment amount determined?
The payment amount ranges from 25% to 100% of your 2023 Empire State Child Credit, based on your income.
When will I receive my payment?
Payments will be mailed starting in August 2024, with the exact timing depending on when your return is processed.