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NY A11113
Bill
Status
11/6/2020
Primary Sponsor
Edward Ra
Click for details
AI Summary
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Amends Labor Law Section 550 to require the Department of Labor to collect and compile data on federal Title XII advances requested for the state unemployment trust fund.
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Department must report the total dollar amount requested, monthly advance amounts for the three-consecutive-month loan period, applicable interest rates, and reasons for each request.
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Department must document supplemental or amended requests, anticipated repayment dates, and the impact on employers if the state fails to repay the loan through federal unemployment tax act (FUTA) tax reductions.
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Report must be submitted to the Governor, legislative leadership, and relevant committee chairs within 30 days of each advance request, and continue annually until the advance is fully repaid.
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Act takes effect immediately upon enactment.
Legislative Description
Relates to requiring the department of labor to collect and report certain information regarding requests from the governor or his or her authorized agent for federal Title XII advances for the state unemployment trust fund.
Last Action
referred to labor
11/6/2020