New Laws for New York in 2018
New York has more than half a dozen important new laws that would affect millions of citizens. There are other laws that are only limited to specific industries or individuals. Most of the new laws affecting ordinary New Yorkers are a welcome change and 2018 may just prove to be a better year. With tax cuts and increase in minimum wage, enhanced paid leave and increased dependent or childcare credit, the new laws promise quintessential changes for most people in the state.
- There are some new laws confined to New York City. These include stricter regulation in the sale of electronic cigarettes, prohibiting pharmacies from selling any type of tobacco product and increasing the license fee for retailers selling cigarettes. Any store selling electronic cigarettes would require a license similar to what is needed to sell conventional cigarettes. This law has been in effect from the 25th of January. From the 24th of February, no pharmacy or any retail store with a pharmacy will be able to sell tobacco-based products. The biennial license fee to sell cigarettes has been increased to $200 from $110.
- The state of New York has some new laws pertaining to tax cuts, childcare credit and government transparency. The Department of Economic Development must publish a report on the 1st of January every year providing a detailed outlook of industry trends, information pertaining to requests filed with the department and program participation rates. This is to ensure citizens are aware of the various economic developmental program initiated and executed by the state. There is a tax credit available for research and development in life sciences. This relief is capped at a hundred million. Every business that invests in development and research of life sciences will get a 15% tax credit.
- There is a substantial tax cut for the middle class. Almost four and a half million people in the city will benefit from the tax cut. This has been in effect from the 1st of January 2018. The tax credit for child and dependent care has been increased for people in the income group of fifty thousand to a hundred and fifty thousand. The cap on childcare expenses has also been increased to nine thousand from the prevailing six thousand. Agricultural cooperatives would no longer have to pay the tax under section 185.
- The program for runaway and homeless youth has been reviewed and made more flexible. Also, public officers can now have their pension reduced if they are convicted of a felony or any crime related to their official duties or at the time when they were in service.
- Employees of the state can now take time off to care for an ailing family member or any loved one in need and they would still be paid a part of the salary. Employees of private businesses can take paid leave for a maximum period of eight weeks for childcare or to care for an ailing partner, family member or relative. Such employees can receive a maximum 50% of their weekly salary. The minimum wage in the state has been increased to $10.40, excluding New York City, Westchester County and Long Island.