Testimony for the Joint Fiscal Committees SFY 2024-25 Executive Budget

Strengthen and expand New York’s refundable tax credits by increasing the credits, making them more inclusive, and targeting the largest credits to the lowest-income New Yorkers -- in much the same way as the federal child tax credit was enhanced during the pandemic. [...] Specifically, to have the greatest impact on child poverty and deliver the greatest tax savings to families struggling under the weight of record inflation New York should: • restructure the Empire State Child Credit (ESCC) and NYS Earned Income Tax Credit (EITC) so the highest credit goes to the lowest-income families, by ending regressive minimum income requirements and phase-ins; • increase the. [...] It is critical that New York expand and strengthen its state child tax credit, especially for New York families facing the most financial hardship by (1) making the credit available at the highest credit amount for those families with the lowest (including no) income; (2) increasing the credit to provide meaningful support for families; and (3) ensuring the credit continues to be available to as m. [...] The Child Care Creation and Expansion Tax Credit Program: an Unproven Approach to Addressing the State’s Child Care Capacity Shortage The FY 2024 NYS Budget included a Child Care Creation and Expansion Tax Credit to encourage child care providers to expand capacity for infants and toddlers by offering a refundable tax credit for tax years 2023 and 2024 to those businesses that have created new cap. [...] About Us Schuyler Center is the home of and participates in the leadership of Empire State Campaign for Child Care, a campaign that advocates for universal child care in New York State and the compensation child care providers deserve, and New York Can End Child Poverty, a group dedicating to ending child poverty in New York.