New York businesses appear likely to get some relief from unemployment taxes in the state budget being negotiated by Gov. Kathy Hochul (D), the state Senate, and Assembly.
The amount of the decrease depends on how the Democratic officials approach repaying $6.5 billion to the federal government for pandemic-era assistance.
Businesses and labor unions want Albany leaders to pay the full amount, which was borrowed during the Covid-19 pandemic to shore up the state’s unemployment system. Lawmakers could then boost individual benefits and reduce taxes on businesses by roughly $300 per employee.
The Assembly endorsed that approach, while the governor ...