2024 laws will increase minimum wage, continue tax relief in Delaware
WILMINGTON, DE - OCTOBER 29: Delaware turnpike sign in Wilmington, Delaware on October 29, 1981. (Photo by Jim Steinfeldt/Michael Ochs Archives/Getty Images)
DELAWARE - America's "First State" is about to say goodbye to 2023, and hello to a couple of new laws for the New Year.
January 1, 2024, marks the day that bills involving minimum wage, hazardous cleanup rates and employer tax relief will go into effect.
Here's a break-down of the bills signed into law by Gov. John Carney this year:
Minimum Wage Increase
The minimum wage for some employees in Delaware will be raised to $13.25 an hour as part of a bill that increases minimum wage to $15 per hour by 2025.
New HSCA Rate
Businesses subject to the Hazardous Substance Cleanup Act (HSCA) will see a decrease in last year’s rate from 0.8389% to 0.675%. The new tax rate applies to taxable gross receipts from the sale of petroleum or petroleum products.
"The HSCA was passed by the Delaware General Assembly in July of 1990 to ensure funding for the cleanup of facilities with a release or imminent threat of release of hazardous substances."
State unemployment insurance (SUI) tax relief
"This Act will continue for calendar year 2024 the temporary relief provided in calendar year 2023 to employers who pay unemployment tax assessments."
New employer tax rates will continue to be reduced under this bill, which will also hold constant overall employer tax rates and reduce the maximum earned rate.