Originally published by Robert Kraft.
While the conventional wisdom these days may be that Congress is grid-locked and ineffective, they were still able to pass hundreds of new laws last year. Many of them began at the stroke of midnight on New Year’s Eve while others are set to take effect later in the year to give people more time to prepare. As we gear up to make 2017 as best as it can be, here are four of the more interesting laws set to take effect this year that everybody should know about.
Combating Drunk Driving with Technology
Lots of eyes will be on California this year as they extend their pilot program aimed at decreasing the number of DUIs (driving while under the influence of alcohol) in their state. Under the law that went into effect on January 1, drivers who are convicted of a DUI must have a device installed in their car that prevents the driver from starting the car if they fail an on-board breathalyzer. Drivers in Illinois now face similar measures, but only for four time offenders. Meanwhile, drunk drivers in Wisconsin face longer prison sentences for drunk driving.
Financial Advice Quality Assurance
The so called “fiduciary law” will go into effect April 1, 2017. If you consult a professional for financial investment after that date, the advice they give has to have your best interest in mind by law. Up until now there was nothing stopping a financial advisor from only recommending options that earned them a bigger piece of your financial pie. Not that you should put your guard down completely, because this law will only apply to retirement accounts such as 401(k)s, IRAs, or Roth IRAs. If you have any investments in non-retirement accounts, it will still pay to be vigilant about your money and ask the right kinds of questions.
Tax Fraud Prevention Might Mean Delays
Those who claim the Earned Income Tax Credit or the Additional Child Tax Credit and file for their tax return as early as possible might see a delay in receiving their money. This is because, beginning January 23—the first day taxpayers can file for a return—the IRS is required to hold the entire amount of any refund that claims the EITC or ACTC until February 15. Since returns are generally processed on a first-in first-out method, the idea is that this extra time will help the IRS detect fraud in the event someone has stolen your identity and filed a fraudulent return before you could file your real one.
Minimum Wage Momentum and You
Throughout the year you can expect 21 states to enact new minimum wage measures that were voted on and passed last year. Workers in Arizona are now taking home an extra two dollars per hour while states like Florida, Ohio, South Dakota, and Montana have decided to tie minimum wage increases with the rate of inflation. If you already earn above the minimum wage, you may not think these laws unfair, but consider this: if the lowest paid employees are all getting raises, you have more leverage to go up to your boss and ask for the same.
With a new President and Congress in session this year, it’s hard to predict what laws might change, but these can give you an idea of what to expect. Contact a lawyer like Steve W. Sumner, Attorney at Law if you have any questions about how laws might affect you personally.
This article was written by Dixie Somers, a freelance writer who loves to write for business, finance, and family issues. She lives in Arizona with her husband and three beautiful daughters. You can find Dixie on Facebook.
Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.
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