In July 2022, New York implemented an Interest Assessment Surcharge (IAS) to pay the interest for their Federal loan, which covered unemployment claims partially due to the COVID-19 pandemic. By law, employers doing business in New York are required to make annual IAS payments until the interest has been paid in full. 

The current 2022 IAS rate is 0.23%, which Wrapbook will add to its New York State Unemployment Insurance Tax rate as of October 1, 2022, and cap at the state’s maximum wage base annually.

For more information, read the announcement from the New York Department of Labor.

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