Mayor Michael Bloomberg (R-NY) has come up with a new plan that could give some Bronx families and students extra money.

The mayor announced a plan Monday to offer childcare tax credits to low-income families and cash rewards to encourage students to stay in school. According to the plan, the tax credit would be worth up to $1,000 for each child in families making an annual salary of $30,000 or less. Under the plan, students who meet certain criteria would be able to earn $50 to $1,500 for scoring high marks on standardized tests or enrolling in special programs.

Bloomberg came up with the plans after the Commission for Economic Opportunity came out with its report that assessed the city?s poverty. City agencies will now develop an action plan based on Bloomberg?s initiative in the next 60 days. The city hopes to raise $24 million to carry out Bloomberg?s plans.