The start of 2018 means new laws taking effect in Arizona.
Employees are happy about an increase in the minimum wage, but some business owners are worried about now having to pay their workers $10.50 an hour. “It costs me approximately four thousand dollars a month employing twelve to fifteen people, that’s a big hit for a small business owner to take,” said Frank Silverman of Midtown Tavern.
After being signed into law by President Donald Trump a new tax law is set to take effect. The law doubles the standard deduction, doubles the child tax credit, and gets rid of the nearly $4,000 personal exemption. However, none of these will have an impact on your next tax return. None of the new tax laws affect the 2017 taxes.
Looking ahead, there’s a new proposal emerging for the 2018 ballot allowing the recreational use of marijuana. The initiative, sponsored by a medical marijuana dispensary, would expand the list of conditions for which a doctor could recommend a patient be allowed to use the drug. It also would make it easier and cheaper for patients to get marijuana, including allowing a large percentage of them to grow their own plants as long as they have the correct marijuana insurance.
Proponents, the operators of the Independent Wellness Center, a medical marijuana dispensary in Apache Junction, need 150,642 valid signatures on petitions by July 5, 2018, to put the measure.