Here we go again.
New York has borrowed over $4 billion to pay unemployment insurance over this recession and now the federal government is calling in some of its interest. New York’s bill? $102 million by September 30th. How will they do this you may ask? They plan to implement a surcharge on employers, this time called an “Interest Assessment Charge“.
Every employer will be charged at a rate of .15 percent based on their total taxable wages (of their most recent payroll year). This can cost up to $12.75 per employee. This is not the way to go about getting New York “Open for Business”. It’s a good tag line for the governor, but if he means it, it’s time to get serious.
We’re complaining about the New York business environment again, we do that a lot, but we have our own ideas about solutions too. We need our legislature to focus on fixing our regulatory environment so we can create jobs, instead of being charged for jobs our state doesn’t have. We need to implement Workers’ Comp reform, and fully repeal the Wage Theft Prevention act. We should increase the threshold of Wicks Law. We need to stop making it harder for employers to stay here or no one will be able to say here.