Senator Bill Larkin (R-C, Cornwall-on-Hudson) today sent a letter to Governor Cuomo requesting that the state pick up a $102 million tab hitting employers across the state.
The New York State Department of Labor is currently billing employers statewide $12.75 for each person they employ. Due in September, this "Interest Assessment Surcharge" is being collected so New York can make an interest payment on a $4 billion loan it took out from the federal government to cover unemployment benefits.
In his letter to Governor Cuomo, Senator Larkin suggested that rather than bill employers, New York should pick up the cost using a portion of the $340 million in settlement payments the state is set to receive from the Standard Charter Bank investigation.
"Thanks to the Standard Charter Bank settlement, New York will receive a $340 million cash windfall," Senator Larkin said. "I am simply suggesting that the governor use a portion of this money to remove a costly burden on over 500,000 employers statewide."
"New York's businesses and employers didn't borrow this money, the state did. New York should therefore be responsible for paying back the loan. Again, I urge Governor Cuomo to do the appropriate thing and have New York, not employers, pick up this tab," Larkin added.