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NY S01638

NY S01638
Enacts the "New York Business Emergency Relief Act"; directs the governor to use unallocated settlement funds reserved in the economic uncertainties, and any further settlement money received by the state or state surplus funds to pay the debt to the federal unemployment insurance trust fund.


summary

Introduced
01/13/2025
In Committee
01/13/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT in relation to enacting the "New York Business Emergency Relief Act of 2025"

AI Summary

This bill, named the "New York Business Emergency Relief Act of 2025", aims to provide financial relief to New York businesses by directing the governor to use unallocated settlement funds and state surplus funds to pay off the state's debt to the federal unemployment insurance trust fund. The legislation recognizes that New York businesses have been significantly impacted by COVID-19 pandemic policies and argues that the current interest assessment surcharge on businesses is unnecessary and burdensome. Specifically, the bill requires the governor to immediately redirect funds from the "economic uncertainties" fund and any additional settlement money towards repaying the outstanding federal unemployment insurance trust fund debt. The legislative intent emphasizes the state's obligation to support business recovery by removing financial burdens rather than transferring the debt to struggling businesses. The act is designed to take effect immediately, providing quick potential relief to the state's business community.

Committee Categories

Budget and Finance

Sponsors (4)

Last Action

REFERRED TO FINANCE (on 01/13/2025)

bill text


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