In his executive budget, Governor Cuomo included a proposal that will save taxpayers millions, modernize our courts, and improve people’s access to justice.
New Yorkers currently pay a punishing 9% interest on judgments and verdicts. The rate was set in the seventies when the federal interest rate was around 9%. Since then, the federal rate has steadily decreased and is now at 1.75%. But New Yorkers are still paying 9%!
Governor Cuomo’s proposal ties the rate of judgment interest to the federal funds rate. It will save our taxpayers, municipalities, and businesses millions, make our court system more flexible, and eliminate this unnecessary barrier to appeal.
Please use the draft letter to the right to tell the Governor and your local legislators you support this effort.