Home Economy Economic Activity Minimum wage hike among new laws starting Jan. 1

Minimum wage hike among new laws starting Jan. 1

By

Christopher Allen

-

12/30/2024

Uz4qGSfe-LwRirtWK-jqkU9lhs-Statehouse-1-2-2 — A NUMBER OF NEW state laws will take effect in Rhode Island on Jan. 1, including an increase to the minimum wage and new requirements for landlords./ PBN FILE PHOTO/ARTISTIC IMAGES

PROVIDENCE – Another minimum wage hike and several housing regulations are among a host of new laws that will take effect Jan. 1. After a phase-in increase schedule approved in 2021, the state’s minimum wage will be set at $15 per hour in 2025, the same rate as Massachusetts. Connecticut is raising its minimum wage to

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PROVIDENCE – Another minimum wage hike and several housing regulations are among a host of new laws that will take effect Jan. 1. After a phase-in increase schedule approved in 2021, the state’s minimum wage will be set at $15 per hour in 2025, the same rate as Massachusetts. Connecticut is raising its minimum wage to $16.35 on Jan. 1. The federal minimum wage will remain $7.25 per hour. On housing, municipalities will be allowed to combine their zoning and planning boards. And landlords will be prohibited from adding a "convenience fee" for using a specific method to pay rent. All fees must be disclosed either in a written rental agreement or a separate disclosure if there is no written rental agreement. Landlords will also be required to provide a list of which utilities they will pay and which will be paid by the tenant. Any changes to fees must be disclosed in writing at least 30 days before going into effect and both the landlord and tenant must agree to any changes. Other laws taking effect Jan. 1:

Elimination of the $50 estate tax filing fee imposed upon the transfer of the net value of the assets of decedents who died after Jan. 1, 2025.
Independent contractors must file “notices of designation” of their independent status with the R.I. Department of Labor and Training for each hiring entity that retains their services.
The exemption for taxable retirement income was raised from $20,000 to $50,000. Individuals must have reached retirement age and have federal adjusted gross income under $101,000 for single filers and head of household and under $126,250 for joint filers for tax year 2023.
Cannabis–related business will be allowed deductions for business expenses consistent will other types of businesses, which is still prohibited federally.
Changes to the pass-through entity tax credit decreased the credit percentage that the individual receives for the tax paid by the entity from 100% to 90%. Legislation was also approved increasing the number of years a business may carry forward net operating losses from five to 20.
Selling flavored vape products in Rhode Island is outlawed and the state will also begin taxing all "electronic nicotine delivery systems." Refillable products will be charged a flat 10% tax of wholesale price, while single-use products will be taxed 50-cents per milliliter of liquid.
An amendment to the Temporary Caregiver Insurance statute increased the amount of leave benefits available to employees to seven weeks, increasing to eight weeks as of Jan. 1, 2026.

Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.