American businesses will need to contend with a number of news laws, regulations and tax codes adjustments in 2023.
On a national level, new federal incentives will offer tax credits of up to $40,000 for companies switching delivery trucks to electric vehicles.
The credits, which were part of the Inflation Reduction Act, can be combined with state-run voucher programs. Increased buying, spurred by the credits, should increase innovation across the EV truck sector and, eventually, lower price tags.
New state laws taking effect also will affect how many companies, particularly those that cross state lines, will do business. Twenty-seven states are increasing the minimum wage, from $9.95 an hour in Montana to $15.74 in Washington state. On the subject of pay, pay transparency laws — which will require an employer to disclose salary information to prospective employees up front — take effect in California and Washington state.
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Paid leave is changing in California as well, which allows an employee to add a designated person to their bereavement leave list and allows the bereaved to take up to five days within three months of losing a loved one. In New York, siblings are added to paid leave policies for caring for family members and in Maine, employers will now be required to pay employees for their accrued leave when they cut ties with the company.
