N.Y. Labor Law § 581-d: Contributions to the interest assessment surcharge fund

§ 581-d. Contributions to the interest assessment surcharge fund. 1.

Each employer that is liable for contributions under this article shall

pay an assessment to the commissioner at a rate established annually by

the commissioner sufficient to pay interest due on advances from the

federal unemployment account under Title XII of the Social Security Act

(42 U.S. Code Sections 1321 to 1324) during any period that such

interest will accrue. The rate shall be applied to wages as defined in

section five hundred eighteen of this article effective as of the

beginning of the first calendar quarter of the year such interest

becomes due. The commissioner shall establish the necessary procedures

for payment of such assessments. The amounts received by the

commissioner based on such assessments shall be paid over and credited

to the interest assessment surcharge fund. At such time that the

commissioner determines that this assessment is no longer necessary, any

amount remaining from such assessments, after all such federal interest

charges have been paid, shall be deposited into the unemployment

insurance trust fund and credited to employer accounts. Such credits

shall be determined based on the percentage of each employer's wages to

the total statewide wages of the payroll year and credited to each

employer's account as of the computation date of the year prior to which

such assessment shall no longer be levied. The provisions of law

applicable to the collection of contributions shall apply to the

collection of such assessments.

2. The commissioner shall notify the chairpersons of the senate

finance committee and the assembly ways and means committee of the

amount being assessed on employers and the procedures for payment of

such assessments no later than thirty days prior to the application of

the interest assessment surcharge. On a quarterly basis the commissioner

shall provide the chairpersons of the senate finance committee and the

assembly ways and means committee the assessment rate that shall be

applied to wages as well as the amount of any previous advances and the

estimated amount of future monthly advances from the federal

unemployment account under Title XII of the Social Security Act (42 U.S.

Code Sections 1321 to 1324) for the calendar year, the amount of

interest due and the amount of interest paid for the calendar year.