The New York City Council on Wednesday passed a resolution in support of the Working Families Tax Credit bill, a state measure aimed at easing the city’s affordability crisis, reducing child poverty and bolstering the middle class.
Resolution 41, a bill sponsored by Council Member Alexa Avilés, endorses the tax credit measure, which seeks to consolidate and expand existing tax credits, providing families with up to $1,600 per child and ensuring a minimum credit of $100 per child. Unlike current tax credits, the proposed benefit would be distributed quarterly rather than annually and be tied to inflation to maintain its value over time, according to a press release.
The City Council’s vote comes amid growing concerns over the city’s affordability crisis. Recent research indicates that one in four New York City residents cannot afford basic necessities and that the city’s poverty rate is nearly twice the national average.
According to Policy Engine, the Working Families Tax Credit could reduce child poverty by 17% and deep child poverty by 22%, while increasing the net income of more than a third of New York State residents.
"Now is a time, more than ever, that we must be ensuring no child is left to suffer in poverty," said City Council Member Alexa Avilés. "New Yorkers are suffering from an affordability crisis and our children are feeling the impacts of that. The Working Families Tax Credit, if passed by the state legislature, will take action to significantly reduce child poverty."
