Wednesday, April 24
Stifel investments
Sidebar Ad
Sidebar Ad
BBQ Cleaning
Sidebar Ad
Leaderboard Ad
Sidebar Ad
Your Mothers Househttps://longislandbusiness.com/wp-content/uploads/2023/01/Hals-NY-banner-728x90.png

Governor Hochul Announces $475 Million in Tax Relief for 1.8 Million Low-Income New Yorkers and Families

Share

Governor Kathy Hochul and legislative leaders have announced $475 million in tax relief for eligible low-income New Yorkers and families as part of the state’s ongoing effort to combat inflation and improve affordability. The New York Department of Taxation and Finance will soon begin sending direct financial assistance to 1.75 million New Yorkers who received the Empire State Child Credit and/or the Earned Income Credit on their 2021 state tax returns. New Yorkers can expect to receive their checks by the end of October.
“With this relief package, we’re making good on our commitment to helping hardworking New Yorkers through the nationwide affordability crisis,” Governor Hochul said. “This program will put money back in the pockets of nearly two million New York families struggling to make ends meet in the face of the pandemic, inflation, and other rising costs. My administration remains laser-focused on improving affordability statewide, and I thank the Legislature for its partnership in ensuring that New York families get this much-needed financial assistance.”
Governor Hochul and members of the state legislature approved the Additional NYS Child and Earned Income Tax Payment as part of the FY 2023 Enacted Budget. The program will provide an average payment of $270 per eligible recipient. Eligible New Yorkers do not need to take any action to receive their checks; checks will be mailed automatically.
The program builds on Governor Hochul’s commitment to putting more money back in the pockets of everyday New Yorkers. Earlier this year, the Governor accelerated the distribution of $2.2 billion in tax relief to more than 2 million New Yorkers through the new homeowner tax rebate credit. Governor Hochul also announced a statewide gas and diesel tax holiday to provide New Yorkers relief at the pump as fuel prices hit record highs.
New Yorkers who have recently moved should update their address with the Department of Taxation and Finance to prevent delays in receiving their Additional NYS Child and Earned Income Tax Payment checks. To do so, they can create an account on the Department’s website and follow on-screen instructions to complete required fields and save their updated address.

Share

About Author

Leave A Reply