New York State is introducing a $1,000 tax credit per child under four for eligible families, with a smaller credit of $330 for children aged 4-17, increasing to $500 in the following year. This credit, claimable on 2025 taxes, has income limitations, with reduced amounts for higher earners. Additionally, New York's minimum wage will increase in 2026 to $17/hour in NYC, Long Island, and Westchester, and $16/hour elsewhere, with future increases tied to inflation.