$5,000 Back? What New York’s New Laws Means For You

Governor Hochul just signed off on a plan her office says could save some New York families around $5,000. Here’s what’s changing.

Governor Kathy Hochul announced she signed a package of legislation that her office believes saves many New York families around $5,000.

Hochul Signs Bills To Save New Yorkers Money

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“Putting money back in the pockets of millions of families means helping New Yorkers afford the rising costs of groceries, raising kids, and just enjoying life. When I said your family is my fight, I mean it — and I’ll never stop fighting for you," Hochul said in a statement.

New York Triples State's Child Tax Credit.

Hochul's office says the 2026 state budget puts "money back in the pockets of millions of New Yorkers."

This includes tripling the size of New York’s Child Tax Credit, cutting taxes for middle class New Yorkers, sending inflation refund checks to millions of households and ensuring free school meals for students statewide.

Officials say these measures "help address the rising cost of living for families of all sizes and across the income spectrum."

The child tax plan gives nearly 2 million New York families an annual tax credit of up to $1,000 for every child younger than four and $500 annually per children ages 4 to 16.

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Officials say this is the biggest expansion of "New York’s child tax credit in its history." Nearly three million children statewide will benefit, officials say.

"These policies will deliver nearly $5,000 of relief for many families of five in New York over the coming year and beyond," Hochul's office told Hudson Valley Post in a press release.

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