Bill > S06767

This bill suspends employer contributions to the interest assessment surcharge fund until December 31, 2027, and appropriates $500 million from the Economic Uncertainties Fund to pay interest on federal unemployment account advances. Specifically, the legislation temporarily pauses the requirement for employers to contribute to a specific fund related to unemployment, while simultaneously allocating a significant sum to cover interest payments on federal unemployment loans. These loans are authorized under Title XII of the Social Security Act, which allows states to borrow money from the federal government to maintain unemployment insurance benefits during periods of economic stress. The bill will take effect immediately but is set to automatically expire on December 31, 2027, at which point the original labor law provisions will presumably be reinstated. By suspending employer contributions and providing funds to cover interest, the bill aims to provide financial relief to employers while ensuring the state can continue to meet its unemployment insurance obligations.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S6767