NYS RESIDENTS: NEW FAMILY TAX RELIEF CREDIT

14 Nov

Beginning in 2013, the NYS Department of Taxation and Finance (DTF) has created the
family tax relief credit. This is a new refundable credit of $350. The DTF will determine
which taxpayers are eligible for this credit by utilizing returns filed two years prior., So
for 2013, the criteria is based on the 2011 filed tax returns.
The determination must be made on or before October 15 of each year. To be eligible,
taxpayers MUST be New York State residents; must have claimed one or more
dependents that are less than 17 years old; and must have AGI (Adjusted gross income)
between $40,000 and $300,000. When the DTF determines that a taxpayer is eligible for
the credit, it will make an advance payment of the $350 credit to the taxpayer.
I have not received any calls from anyone saying they received the money as yet so I am
unsure if the State is on track with this or when the monies may be coming.