Social security in 2026: $1,000 tax credit coming to your account. Who will receive the amount? Check eligibility

New York state will now offer a $1,000 tax credit for each child under 4 to families who meet income requirements. The credit is the first phase in an expansion of the New York State Child Tax Credit and can be claimed on 2025 taxes.

Parents whose income is more than a certain income level ($75,000 for single people; $110,000 for couples filing jointly) will receive a smaller credit. Credits for families at higher income levels will be reduced in steps.

The law provides a smaller credit for families with older children -- $330 per child between the ages of 4-17 years old. That credit will rise to $500 per older child the following year.


Amid a wider discussion about the affordability crisis, the minimum wage in New York City and across the state has been a topic of intense debate. The mayoral primary included multiple candidates who wanted it increased to varying heights. Mayor Zohran Mamdani has advocated raising the city's minimum wage to $30 by 2030.

In 2026, the minimum wage will rise by 50 cents to $17 an hour in New York City, Long Island and Westchester. Across the rest of the state, the rate will jump to $16 from $15.50.

The increase is part of a broader plan to link the minimum wage to broader market conditions. After falling behind other states, the rate will start increasing in 2027 based on a three-year average of the region's Consumer Price Index.