New York – New York will be issuing an Interest Assessment Surcharge(IAS) to all Employers in order to begin paying of the Title XII Federal Loans that were taken as a result of the COVID-19 Pandemic.

The amount of the surcharge will be 0.23% of each employers 4th Quarter 2020 thru 3rd Quarter 2021 Taxable Wages.

This calculates out to an estimated maximum cost of $27.14 per employee.

The state will be issuing the notices of amount due on July 15th. ValeU Group estimates a payment due date of August 15th at this time.

If you would like a detailed breakdown of the Interest Assessment Surcharge for your accounts, please contact your Account Executive or Tax Analyst

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