Bill
S 4681
Bill S 4681 repeals the interest assessment surcharge on employers, reducing their costs and potentially boosting job creation and economic growth for employees.
Bill Number: S 4681
Title: Repeals section 581-d of the labor law relating to the interest assessment surcharge
Status: Referred to Labor
Introduced: February 11, 2025
Classification: Bill
Bill S 4681 aims to repeal section 581-d of the labor law, which pertains to the interest assessment surcharge. The primary intent of this legislation is to eliminate the financial burden imposed by this surcharge on employers and potentially on employees, thereby simplifying the regulatory framework surrounding labor laws.
Repeal of Section 581-d: The bill specifically targets the removal of the interest assessment surcharge, which is a fee that has been applied in certain circumstances related to labor law compliance.
Impact on Employers: By repealing this surcharge, the bill seeks to alleviate costs for employers who may have been subject to these additional fees, potentially encouraging job creation and economic growth.
Impact on Employees: While the bill primarily focuses on employers, the removal of the surcharge could indirectly benefit employees by fostering a more favorable business environment, which may lead to increased hiring and better job security.
Employers: Businesses that have been subject to the interest assessment surcharge will be directly affected, as they will no longer incur these additional costs.
Employees: Although not directly targeted by the bill, employees may benefit from the economic implications of reduced costs for employers.
State Labor Department: The repeal may require adjustments in how the state administers labor law compliance and financial assessments.
Introduced Date: The bill was introduced on February 11, 2025, and has been referred to the Labor Committee for further consideration.
Related Bills: This bill is related to prior-session bills S 9066, S 3969, and S 7999, which may have addressed similar issues regarding labor law assessments and surcharges.
Bill S 4681 represents a significant legislative effort to streamline labor law by removing the interest assessment surcharge. If passed, it could lead to a more favorable economic climate for employers and potentially enhance job opportunities for employees. The bill is currently under review by the Labor Committee, and its future will depend on further legislative action.
Compiled from official sources — confirm details with the bill’s official record.
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