New York AB 3000 Change Notification
This measure appropriates $250,000,000 to pay the interest owed on the Title XII Advance that New York has been accumulating.
Effective Date
Immediately
New York Assembly Bill 3000 Implication to Stakeholders
This is great news for employers. The outstanding advance accumulates interest until/unless it is paid by the September deadline. If the outstanding balance is also paid and New York does not borrow any more from Title XII before January 1, 2026, they would be removed from the Federal Form 940 as a credit reduction state. That change would enable eligible New York employers to receive a full 5.4% credit against FUTA tax owed.
Recommended Action
Nothing is required of employers at this time. This is strictly good news for them in the state of New York.
