Employers Hit Again by Interest Assessment Surcharge (IAS)

In 2009, New York borrowed over $4 billion from the federal Unemployment Insurance (UI) Trust Fund.  As I always say, nothing is ever free!

The interest due in 2012 on this loan is $102 million.  This means, if they haven’t already, employers will soon be receiving a bill from the state to cover the interest of this loan.  In 2011, employers paid a maximum of around $21/employee and this year the rate is reduced – setting the new maximum at $12.75/employee.

The state must pay the interest to the Feds by September 30, 2012.  Employers will have 30 days from receipt of the bill to pay up, thus creating yet another barrier for the very people trying to create jobs..

For more information click here: http://www.labor.ny.gov/ui/employerinfo/interest-assessment-surcharge.shtm

For Frequently Asked Questions click here: http://www.labor.ny.gov/ui/employerinfo/interest-assessment-surcharge-faq.shtm

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About Mike Durant

Mike Durant was named New York State Director of NFIB in May 2011. Prior to joining NFIB as the Assistant State Director in May 2010, Durant began his career in the New York Senate working in the Office of Member Services. From there, he served in a number of positions during former New York Governor George E. Pataki’s administration. As a Research Specialist in the New York State Office of Demographic Policy, Mike was responsible for drafting a redistricting proposal for Governor Pataki. In addition, Mike served as a Research Specialist for the Empire State Development Corporation, as well as the Associate Commissioner of Human Resource Management with the New York Department of Labor. Durant also spent four years working at the Questar III BOCES as a specialist focusing on the complex formulas that drive aid to school districts across the state while also taking a lead role in the state legislative/budget process as it related to education policy. These past positions have given Mike a deep understanding of the complex political economics of the State of New York. Active in the community, Durant has served on a number of boards in both the village of Ballston Spa and Town of Milton. Durant received his bachelor’s degree from Siena College in Loudonville, New York and resides in Ballston Spa with his wife and two children.
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