SOME RELIEF FOR NEW YORK businesses appears likely as Gov. Kathy Hochul (D) and the legislature negotiate reducing unemployment taxes in the state budget. The size of the tax decrease depends on how the state handles 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 governor and Senate have proposed covering only this year’s interest payment ...