(ALBANY, NEW YORK) – 1199 Service Employees International Union (SEIU) Healthcare Workers East-represented Caregivers held a press conference on the Million Dollar Staircase at the New York State Capitol in Albany today (Tuesday, May 30th) in support of legislation that would amend New York’s Insurance Law and implement a 9.63% tax on any profit received out of state by Health Insurance Companies. 

Designed to keep more health care dollars in New York, the legislation redirects the newly-collected tax into the Distressed Provider Assistance Account, which supports hospitals across New York State that are struggling financially. 

The Bill is currently in the Senate and Assembly’s Insurance Committee, and Legislators in both Houses are eager to see it move to the floor for a full vote.

“This legislation is a critically important investment that would support Health Care Workers on the frontlines and help rebuild from pandemic losses.  It’s only fair that health care dollars stay where they’re needed, in New York,” 1199SEIU Upstate Political Director Mark Spadafore said.

State Senator Tim Kennedy (Pictured Above/1199 SEIU Photo Via Facebook) said: “If you’re going to do business in New York, you’d better be investing in New Yorkers.  These dollars should be staying in our State, and by passing this legislation, we’re making it very clear: If health insurers choose to take them elsewhere, they’re going to pay a price. I’m proud to work alongside Healthcare Workers, Labor Leaders and Assemblymember Dilan to ensure that we’re providing direct support to the Front Line Workers who go above and beyond to deliver comprehensive, quality care.”

Champlain Valley Physicians Hospital Member Lisa Baker Morrow also spoke about the importance to tax out-of-state insurance profits and reinvest them into New York ’s Health Care System and distressed hospitals: “The Reinvest in New York Healthcare Act is a way to start to address our frayed Health Care System.  I believe that taxing out-of-state insurance profits is a necessary and important step that we must take if we are to create a fair and equitable tax system.  But for my Co-Workers, my community, and me, it is a needed step to address the needs of our patients and our communities.”

1199 SEIU United Healthcare Workers East - whose mission is to achieve quality care and good jobs for all, is the largest and fastest-growing Health Care Union in America - representing more than 450,000 Nurses and Caregivers throughout the States of New York, New Jersey, Florida, Massachusetts and Maryland, as well as in Washington, D.C.