Happy New Year 2025 — Federal Holiday

Today is a federal holiday. It is also the effective date of a slew of new laws. For example, California’s new Freelance Worker Protection Act, effective today, requires written contracts and timely payments for freelancers providing professional services of $250 or more. Increased minimum wage rates go into effect today. For example, the hourly rate for federal contractors is $17.75/hour. The rate increases to $15/hour in Delaware, Illinois, and Rhode Island, $15.49 in New Jersey, and $15.50 in New York. The Tax Foundation lists state-by-state tax changes for individuals, corporate income tax and other business tax changes, state and local tax changes, and other changes for 2025. #IdeaoftheDay