Laws 2018: what awaits New Yorkers in the new year

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In 2018, the largest in the last 30 years will take effect in the USA tax reform, as well as equally important laws in some states. New York is no exception. Its residents can count on paid family leave, the minimum wage will increase, and some tax rates will also change.

ForumDaily compiled a list of the most important laws that will come into effect in 2018 in the state of New York.

Paid family leave

From January 1, a law will come into force in New York committing employers to provide paid parental leave for parents of newborn babies.

It is also possible to use the right to paid leave to care for a close relative with a serious illness or to help a loved one during the stay of a family member in the army.

In 2018, employees will receive up to eight weeks of paid vacation, while retaining up to 50% (up to 652 dollars per week) salary. By the year of 2021, they can take up to 12 weeks of vacation, while retaining two-thirds of their average weekly wages.

Employees themselves will pay for the right to paid vacation - 1,65 dollars per week will be deducted from their salaries.

Full-time employees will be eligible for this leave after 26 weeks of continuous service. Part-time employees will be able to go on paid leave after 175 days of work during the 52-week period.

Minimal salary

New York's minimum wage will continue to rise as part of a plan to reach $15 an hour. In Long Island and Westchester County, the minimum wage will increase to $1 per hour on January 2018, 11, from $10. In New York City, the minimum wage for employers with up to 10 employees will increase to $12 from $10,5; and for employers with 11 or more employees, up to $13 from $11 per hour. In the rest of the state, the minimum wage will be $10,40 an hour, down from $9,70 before.

Taxes

Income tax rates

In New York, statewide tax cuts continue. The state income tax rate for taxpayers earning from 40 000 to 150 000 dollars per year (the income of the couple when they jointly fill out the declaration) will decrease from 6,45% to 5,5%. For couples with income from 150 000 to 300 000 dollars per year, the state income tax rate will be reduced from 6,65% to 6%.

Child Care Tax Credit

Families whose total income ranges from 50 000 to 150 000 dollars per year, in 2018, will be eligible for a larger tax credit for child care. The maximum loan amount will also increase to 9 000 dollars from 6 000 dollars for families with five children. The amount of the loan for each family will vary depending on the number of children.

Read about other innovations in our material “Laws that will take effect in the US in 2018 year«.

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