From a gas tax increase to paycheck changes for many, Monday marks several major changes across Illinois and in parts of the Chicago area.
While January 1 is often thought to be the start of new laws, a number of them actually begin on July 1 — and this year is no different. Some of these laws will bring financial changes, while others will mark a big shift.
Fuel Tax Increases
After pausing the tax hike in 2022 due to inflation concerns, the state has now raised the tax rate three times, according to officials. This means that Illinois drivers are feeling the pinch not only from state taxes but also from federal excise taxes on fuel. Additionally, state sales taxes are applied after the state’s fuel tax is included in the price, leading to a compounded cost for consumers.
Illinois motorists will notice slightly higher prices at the pump starting on Monday, as the state’s gas tax will go up as part of its yearly increase. According to the Illinois Department of Revenue, the tax rate on gasoline in Illinois will increase by just over 3.5%, rising from $0.454 per gallon to an even $0.47. Those filling up with diesel fuel will also see an increase, with diesel prices increasing as well.
These changes are part of a broader effort to fund infrastructure projects and improvements across the state. While it might mean a few extra cents per gallon, the impact on Illinois’ roads and bridges could be significant.
For many Illinois residents, July 1 will also bring changes to their paychecks. While details on specific adjustments are varied, these could include changes in withholding rates, adjustments to minimum wage, and other payroll-related updates.
It’s important to stay informed about these changes and understand how they might affect your personal finances.
- New regulations and compliance requirements for businesses.
- Updates to health and safety standards in various sectors.
- Modifications to school policies and educational programs.
These updates highlight the importance of staying informed about legislative changes and how they impact daily life. Whether you’re a motorist, an employee, or a business owner, understanding these new laws can help you better prepare for the changes ahead.
