Here are the changes to NY Construction Limitation Law effective 7/1/2021 likely to effect those in the risk management industry. Key change to note that Effective July 1, 2021, the payroll limitation will be $1,594.57 per week. Below you will see the New York Payroll Construction Limitation Trend and the New York Construction WC Payroll Cap Table.
Section 2304 of the New York State Insurance Law establishes a limitation on the payroll used in the calculation of workers’ compensation premiums for the construction industry. The payroll limitation, which is a function of New York State’s average weekly wage, is updated on an annual basis.