New Illinois Laws That Could Impact Your Wallet in 2023 – NBC Chicago



New Illinois Laws That Could Impact Your Wallet in 2023 – NBC Chicago

Nearly 200 new laws are going into effect beginning on New Year’s Day in Illinois, and several of those bills could have a direct impact on your pocketbook in 2023.

Whether it’s the return of the state’s grocery tax, or the increase in the state’s minimum wage, a variety of laws will have an effect on your money in the new year, and we’re breaking down those new laws.

Gas Tax Increases, Grocery Tax Returns

As part of the state’s fiscal year 2023 budget, an inflation-tied increase to Illinois’ gas tax was delayed by six months, and the 1% sales tax on grocery items was suspended for a year.

Both of those increases will take effect at different points in the year. The gas tax will increase by 3.2 cents per gallon due to an 8.2% year-over-year increase in the Department of Labor’s Consumer Price Index, bringing the total tax per gallon to 42.4 cents beginning on Jan. 1.

A second increase is expected to go into effect on July 1, according to officials. The state’s gas tax is now indexed for inflation thanks to a 2019 infrastructure bill.

Meanwhile, the state’s 1% sales tax on grocery items will also go back into effect on July 1, impacting food, beverages and more.

185 new laws are set to take effect in Illinois on Jan. 1, with many of them bringing the state new programs, safety measures or industry-specific policies. However, there are a few that are a little less traditional. Sandra Torres has more.

The Illinois Minimum Wage Will Increase

Illinois’ minimum wage has been on a slow path upward in recent years as they move toward a $15 per hour wage, and another increase will take effect on Jan. 1.

According to state officials, the minimum wage will rise to $13-an-hour on that date. For workers who earn tips, the rate will increase to $7.80, but any shortfalls must be made up by an employer.

Finally, workers under the age of 18 who work fewer than 650 hours per year will earn a minimum wage of $10.50 per hour.

More than 180 new laws take effect in Illinois at the start of the new year, and among them are a number of traffic-related changes drivers might want to know about.

Discounted Fees for License Plates (HB 05304)

Another new law going into effect this weekend will provide discounts to eligible residents for their yearly license plate renewals.

Under the law, drivers who qualify for the Illinois Department on Aging’s benefit access program will only pay $10 per year to renew their plates, down from $24 previously.

Residents 65 years of age and older, or residents who are 16 and older who have disabilities, can be eligible, with income requirements also taken into consideration.

Currently, residents over the age of 65 are also eligible for discounted driver’s license renewals and free transit rides on fixed systems. You can find more details on those programs on our website.

Discounted Fees for Certain Car Registrations (SB 03609)

This piece of legislation provides a one-time vehicle registration discount of $25 if a new vehicle or truck if it was manufactured in the state of Illinois.

HB 03772: Red Light Camera/Speed Camera Changes for Stolen Vehicles

Under a newly-passed law, Illinois motorists will no longer be liable for red light camera or speed camera violations incurred after their vehicle is stolen.

HB 05318 and HB 05334: New Insurance Coverage Requirements

Under these laws, insurance companies in Illinois will be required to cover annual prostrate screenings upon a doctor’s recommendation. Companies will also be required to cover costs for genetic testing to help detect risks of breast and ovarian cancers.

You can find more information on new laws in the state on Breaking News Of World’s website.


Soruce : https://www.nbcchicago.com/news/local/new-illinois-laws-that-could-impact-your-wallet-in-2023/3032394/

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