ALBANY, N.Y. (NEWS10)–Rising costs due to inflation have made things harder on New Yorkers. At a press conference in New York City, Governor Kathy Hochul said this newly passed budget will financially help families with young children.

“Families with kids under the age of 5, they were not entitled to a tax credit that’s available for families with 5-year-olds and up,” said Hochul. “And I’m thinking wait a minute, the most expensive time is when they are outgrowing their clothes every 6 months, the baby food, the formula, the diapers, everything you have to buy and those families were left behind. So I said no more, no more.”

Now, the state’s child tax credit will be expanded to families with kids ages 0-3 years old.

“This is really going to help almost 630,000 additional children in the State of New York, so we are very excited to see this child tax credit expanded,” explained Ron Deutsch, Director for New Yorkers for Fiscal Fairness.

New York’s minimum wage will be increasing as well.

Starting next year, minimum wage earners will make $16 in New York City and $15 per hour upstate. Over the next few years, it would increase to $17 an hour. And starting in 2027, minimum wage will be indexed to inflation.

Deutsch said this will impact New Yorker’s pocketbooks the most.

“Many were calling— in particular unions and faith groups and others, were calling for over $21 an hour minimum in a wage increase. We did not get there which I think is unfortunate, but I am a bit encouraged by the fact that we have increased it, and we are tying it to inflation now.”

However, The New York Farm Bureau is concerned about raising minimum wage and stated, “This could negatively impact our farm employees, future job creation, and local food production. We ask our leaders to look for additional ways to offset mounting labor costs as the new minimum wage will keep increasing in the coming years along with inflation.