Savings for You from Governor Hochul’s Budget for Fiscal Year 2026..
Expanding New York’s Child Tax Credit to Up to $1,000 Per Child For 1.6 Million Families
Cutting Taxes For the Middle Class To Lowest Level in 70 Years
Sending Inflation Refund Checks of Up To $400 To Over 8 Million Households
Free School Meals Save Families Around $1,600 Per Child
The FY 2026 State Budget agreement includes Governor Hochul’s plan to give 1.6 million New York families an annual tax credit of up to $1,000 per child under age four and up to $500 per child from four through sixteen. This is the largest expansion of New York’s child tax credit in its history — and it will benefit approximately 2.75 million children statewide. Governor Hochul’s expansion of the credit will double the size of the average credit going out to families from $472 to $943.
The FY 2026 State Budget agreement includes Governor Hochul’s plan to cut taxes for more than 75 percent of all tax filers in New York. This huge win will deliver nearly $1 billion annually in tax relief to 8.3 million New Yorkers. This will provide savings to taxpayers earning up to $323,000 for joint filers.
Joint tax filers with income up to $150,000 will receive a $400 check, and joint filers with income over $150,000 but no greater than $300,000 will receive a $300 check. Single tax filers with income up to $75,000 will receive a $200 check, and single filers with incomes over $75,000 but no greater than $150,000 will receive a $150 check.
The FY 2026 State Budget agreement includes Governor Hochul’s plan to ensure all of New York’s over 2.7 million students can receive breakfast and lunch for free at school.
