§ 581-D — Contributions to the interest assessment surcharge fund

§ 581-d. Contributions to the interest assessment surcharge fund. 1.\nEach employer that is liable for contributions under this article shall\npay an assessment to the commissioner at a rate established annually by\nthe commissioner sufficient to pay interest due on advances from the\nfederal unemployment account under Title XII of the Social Security Act\n(42 U.S. Code Sections 1321 to 1324) during any period that such\ninterest will accrue. The rate shall be applied to wages as defined in\nsection five hundred eighteen of this article effective as of the\nbeginning of the first calendar quarter of the year such interest\nbecomes due. The commissioner shall establish the necessary procedures\nfor payment of such assessments. The amounts received by the\ncommissioner based on such assessments shall be paid over and credited\nto the interest assessment surcharge fund. At such time that the\ncommissioner determines that this assessment is no longer necessary, any\namount remaining from such assessments, after all such federal interest\ncharges have been paid, shall be deposited into the unemployment\ninsurance trust fund and credited to employer accounts. Such credits\nshall be determined based on the percentage of each employer's wages to\nthe total statewide wages of the payroll year and credited to each\nemployer's account as of the computation date of the year prior to which\nsuch assessment shall no longer be levied. The provisions of law\napplicable to the collection of contributions shall apply to the\ncollection of such assessments.\n 2. The commissioner shall notify the chairpersons of the senate\nfinance committee and the assembly ways and means committee of the\namount being assessed on employers and the procedures for payment of\nsuch assessments no later than thirty days prior to the application of\nthe interest assessment surcharge. On a quarterly basis the commissioner\nshall provide the chairpersons of the senate finance committee and the\nassembly ways and means committee the assessment rate that shall be\napplied to wages as well as the amount of any previous advances and the\nestimated amount of future monthly advances from the federal\nunemployment account under Title XII of the Social Security Act (42 U.S.\nCode Sections 1321 to 1324) for the calendar year, the amount of\ninterest due and the amount of interest paid for the calendar year.\n