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Friday, February 3, 2023

Minimum wage, recreational marijuana and more: These new laws will take effect in the US in 2023.

(CNN) — As President Joe Biden scored several legislative victories last year, voters across the country went to the polls in November to decide on some local measures.

Passage of many of those measures would lead to new state legislation this year. And in 2023, Americans will also feel the effects of several provisions of the Inflation Reduction Act that was signed into law over the summer.

These are some of the state and federal measures that will go into effect in 2023.

minimum wage increase

A worker holds a banner demanding a $15 hourly minimum wage and tips for restaurant workers during a rally at the US Capitol on February 8, 2022.

Nearly half of US states will raise the minimum wage by 2023.

The increase went into effect on January 1 in the following states: 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.

Workers earning the minimum wage in Connecticut will have to wait until June 1 to see an increase, while the change will go into effect in Nevada and Florida on July 1 and September 30, respectively. The increase in New York went into effect on Saturday for workers outside New York City, Long Island and Westchester County.

Of all states, Washington state has the highest minimum wage at $15.74, up from $14.49; Then there’s California, which now has a minimum wage of $15.50 for all workers, rising from $14 for employers with 25 or fewer employees and $15 for employers with 26 or more employees.

Yet the nation’s capital, Washington, still has the highest minimum wage in the country. An increase from $16.10 to $16.50 took effect on Sunday and another increase to $17 is set for July 1.

The nationwide push for higher wages came after the federal minimum wage stayed the same since 2009, the longest period without change since the minimum wage was established in 1938, according to the Labor Department.

Democrats’ efforts to pass a $15 minimum wage bill in the Senate in 2021 have stalled.

recreational marijuana

Minimum Wage, Recreational Marijuana And More: These New Laws Will Take Effect In The Us In 2023.

Five states — Arkansas, Maryland, Missouri, North Dakota and South Dakota — had recreational marijuana on the ballot in the November midterm elections, and voters in Maryland and Missouri approved 21+ personal use.

While legalization in Missouri went into effect with an amendment to the state constitution, Maryland’s law went into effect on July 1.

The law would also allow people who have already been convicted of possession and intent to distribute cannabis to request a conviction.

As of January 1, the amount of cannabis a person can possess for a fine instead of a criminal penalty in Maryland increases from one-third of an ounce, or 10 grams, to 2.5 ounces.

insulin prices

One of the most important victories for Biden in 2022 was the Affordable Care Act, a $750 billion health care, tax and climate bill, which he signed into law in August.

As part of the law, the cost of insulin for Medicare beneficiaries will be capped at $35 starting January 1.

According to the Kaiser Family Foundation, about 3.3 million Medicare beneficiaries used insulin in 2020 and spent an average of $54 per prescription for insulin in the same year.

The limit does not apply to people with private insurance coverage because Senate Democrats failed to get the votes of at least 10 Republicans to pass the sweeping provision.

electric vehicle tax credit

Minimum Wage, Recreational Marijuana And More: These New Laws Will Take Effect In The Us In 2023.

Thanks to the Inflation Reduction Act, there will also be changes to tax credits for people with electric vehicles.

The new rule emphasizes the use of North American-made vehicles, which require battery components and final assembly to be eligible for the tax credit. It also requires that at least 40% of the minerals used for the battery be sourced from the United States or any country that has a free trade agreement with the US.

Upon meeting the requirements, new vehicles are eligible for a tax credit of up to $7,500.

People who buy a used electric vehicle can receive up to $4,000 in credits but cannot exceed 30% of the vehicle’s sales price.

Initially, those who buy vehicles in 2023 will have to wait to avail the tax credit when they file their tax returns for the year 2024. But from January 1, 2024, buyers of electric vehicles will be able to get instant money. Point of Sale, if they agree to transfer the credit to your dealer.

CNN’s Tammy Luhby, Shawna Mizell and Matt McFarland contributed to this report.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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