Skip to content

Interest Assessment Surcharge (IAS) Notices Issued for June 2024

Interest Assessment Surcharge (IAS) Notices Issued for June 2024

July 29, 2024

News

Interest Assessment Surcharge (IAS) Notices Issued for June 2024

Due to the COVID-19 pandemic, applications for unemployment benefits surged as non-essential businesses were shut down by New York State, resulting in massive layoffs. The Unemployment Insurance (UI) system became quickly overwhelmed by the unparalleled spike in claims and extraordinary amounts of money poured out of New York’s UI Trust Fund. To continue to satisfy claims, New York borrowed from the federal government, like many other states; however, only New York and California still owe money to the federal government and did not use any of the billions in federal COVID relief to help pay off the federal UI advance.

During periods in which there is an outstanding federal loan, New York State law requires contributing employers to pay an annual Interest Assessment Surcharge, or IAS. Businesses were notified in June 2024 that they would, again, shoulder the state’s interest debt payment in the form of an annual IAS, which is around $15 per employee. Employers who make unemployment insurance contributions should receive a 2024 IAS amount due. Payment of the IAS is due within 30 days of receiving the notice.

NFIB will continue to advocate for UI assessment and tax relief for New York’s small businesses. Main Street cannot and should not be compelled to bear the weight of replenishing the UI trust fund and repaying the federal government alone.

For more information on the annual Interest Surcharge Assessment (IAS), please visit:

https://dol.ny.gov/ias

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

New York State Capitol Building, Albany
April 25, 2025
Joint Statement Regarding New York’s Unemployment Insurance F…
NFIB joins business groups urging the NY legislature to address UI debt
Read More
April 23, 2025
NFIB Urges House to Pass Insurance Reform Bills
The common-sense insurance reforms that would help lower costs and make th…
Read More
Radio Microphone with an on air sign in the bacjkground
April 17, 2025
NFIB’s Jeff Brabant Joins WSYR Radio to Warn of Massive Tax H…
Highlights recent NFIB poll showing strong public support for the Small Bus…
Read More
April 15, 2025
NFIB Releases Report Detailing Benefits of 20% Small Business T…
NY projected to gain 71,000 new jobs annually over the next 10 years if the…
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility