CNN
—
With President Joe Biden winning several legislative branches this year, voters across the country turned to polls to determine local action in November.
With the enactment of several of these bills, new state legislation will be enacted this year. Americans in 2023 will also feel the impact of some provisions of the Inflation Control Act enacted over the summer.
Below are some of the state and federal measures scheduled to take effect in 2023.
Nearly half of all U.S. states will raise their minimum wage in 2023.
On January 1st, Arizona, California, Colorado, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, New Mexico, Ohio, Rhode Island, South Dakota, Vermont and Washington.
Minimum wage workers in Connecticut will have to wait until June 1 to see the price increases, while Nevada and Florida will see the changes take effect on July 1 and September 30, respectively. The raise was implemented on Saturday for workers outside of New York City, Long Island and Westchester County.
Among all states, Washington’s minimum wage is $15.74, up from $14.49. California now has a minimum wage of $15.50 for all workers, up from $14 for employers with 25 or fewer employees and $15 for 26 employers. more employees.
However, Washington DC continues to have the highest minimum wage in the nation. The price increase from $16.10 to $16.50 went into effect on Sunday, with an additional price increase to $17 on July 1st.
The federal minimum wage has remained unchanged since 2009, the longest since the minimum wage was set in 1938, according to the Labor Department, pushing for higher wages across the country.
Democrats’ efforts to pass a $15 minimum wage bill stalled in the Senate in 2021.
Five states—Arkansas, Maryland, Missouri, North Dakota, and South Dakota—will hold recreational marijuana ballots in the November midterm elections, with Maryland and Missouri voters age 21 and older. Approved for personal use.
Missouri legalized it through an amendment to the state constitution, but Maryland law takes effect July 1.
The law also allows those previously convicted of intent to possess and distribute cannabis to apply to have their records expunged.
Starting January 1, the amount of cannabis that can be fined instead of a criminal penalty in Maryland will increase from just over a third or 10 grams to 2.5 ounces.
One of Biden’s most significant victories in 2022 is the Inflation Reduction Act, a $750 billion health, tax and climate bill that Biden signed into law in August.
As part of the law, the price of insulin for Medicare recipients will be capped at $35 starting January 1st.
About 3.3 million Medicare beneficiaries used insulin in 2020, spending an average of $54 per insulin prescription that year, according to the Kaiser Family Foundation.
The cap doesn’t apply to private policyholders because Senate Democrats failed to get at least 10 Republican votes to pass the broader provision.
Thanks to the Control Inflation Act, there will also be changes to the electric vehicle tax credit.
The new rule emphasizes the use of vehicles manufactured in North America, which requires much of the battery components and final assembly to be made on the continent in order to qualify for the tax credit. It also requires that at least 40% of the minerals used in batteries come from the United States or from countries that trade freely with the United States.
If you meet the requirements, your new vehicle will qualify for tax credits of up to $7,500.
You can receive up to $4,000 in credit when you purchase a used electric vehicle, but it cannot exceed 30% of the vehicle’s sale price.
Originally, buyers who purchased vehicles in 2023 will have to wait to receive the tax credit when filing their 2024 tax returns. However, after January 1, 2024, electric vehicle buyers will be able to POS if they agree to transfer credit to the dealer.