With the new year comes new laws in the tri-state and it could affect how much you make, where you can buy e-cigarettes, how much taxes you pay and more.
Here’s a list of some of the new laws and regulations coming to New York, New Jersey and Connecticut in 2018:
- The second planned increase will go into effect on Dec. 31. In New York City, that’ll bring the minimum wage to $13/hour for employees at companies that have 11 or more workers.
Paid family leave
- Most employees in New York state will be eligible for paid family leave starting Jan. 1, to bond with a new child — biological, adopted or fostered, care for a relative with a serious health condition or help loved ones when a family member is deployed on active military duty.
- The benefits will be phased in over four years. In 2018, New Yorkers can take up to 8 weeks of paid family leave and receive 50 percent of their average weekly wage. That’ll grow to a benefit 12 weeks at 67 percent of average weekly wage, available in 2021.
- The number of e-cigarette retailers in New York City will be capped at half the current number, and anyone who sells e-cigarettes will have to hold a license similar to what’s needed to sell regular cigarettes.
New tobacco rules
- Pharmacies and retail stores that contain pharmacies will no longer be allowed to sell tobacco products in the five boroughs, starting on Feb. 24, 2018.
Minimum wage hike
- The statewide minimum wage will increase from $8.44 to $8.60.
Sales tax decreases
- Starting Jan. 1, the New Jersey sales tax will drop from 6.875 percent to 6.625 percent.
Goodbye, estate tax
- After the first of the year, the estate tax will no longer be imposed on the transfers of a deceased New Jersey resident’s estate. In 2017, the exemption was increased from $675,000 to $2 million, and will be eliminated all together in 2018.
Metro-North fare hike
- A 1 percent fare hike will go into effect for riders traveling on the New Haven Line between stations within Connecticut and between Connecticut and New York stations.
New tax laws
- The Republicans’ historic overhaul of the nation’s tax law won’t affect how you file in April 2018, but it will affect your money in the new year.
- Changes have been made to individual and corporate tax rates, the standard deduction has been essentially doubled, and state and local tax deductions are now capped.
- Click here for 34 things you need to know about the incoming tax law.