Bigger New York Tax Refunds Expected for Thousands

Lawmakers in New York have agreed to an expanded child tax credit, which could mean bigger tax refunds for some New Yorkers. Will other states follow suit?

Map showing New York for story on New York child tax credit expansion
(Image credit: Getty Images)

New York Gov. Kathy Hochul and state lawmakers have agreed on an FY2024 New York budget that includes an expanded child tax credit. The state’s child tax credit will extend to children under 4 years old, which could eventually increase New York tax refunds by $330, or more, for some filers. The $229 billion bill passed early in May, over a month later than planned. 

What was important was "not a race to a deadline, but a race to the right results," Hochul said when announcing the agreement, adding, "I promised New Yorkers we'd make our state more affordable, more livable, and safer, and this budget delivers on that promise."

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Katelyn Washington
Former Tax Writer

Katelyn has more than 6 years of experience working in tax and finance. While she specialized in tax content while working at Kiplinger from 2023 to 2024, Katelyn has also written for digital publications on topics including insurance, retirement, and financial planning and had financial advice commissioned by national print publications. She believes knowledge is the key to success and enjoys providing content that educates and informs.