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Every year, without exception, new laws go into effect. Generally, all new laws are passed throughout the year and many laws take effect in mid-summer. Let us look at a couple that we will be dealing with after the new year.

One exciting change in the law is related to college funds. New babies born in Illinois will get $50 deposited in a college savings account. Of course, $50 will not be sending little junior to college, not even with 18 years of compounding interest. But it is a nice primer for parents to start the long-term savings goal of higher education. 

Keeping with the theme of fiscal responsibility, minimum wage is going up. On Jan. 1, 2021, minimum wage will be $11 an hour. By the time we get to New Year’s Day 2025, minimum wage will be $15 per hour.

Not a Jan.  1 debut, but beginning Oct.  1, 2021, the federal government will require that your driver’s license should be a Real ID, for certain purposes, namely flying and entering military bases and federal facilities. To obtain a Real ID, you must provide documentation confirming your identity, Social Security number, residency and signature. Although I believe that most of us will opt to obtain a Real ID, it is not compulsory and you may not necessarily need one, especially since it will not be required for driving.  For example, if you have a valid U.S. passport, or you simply do not fly or visit military bases of federal facilities, then a Real ID is unnecessary.  If you feel that a Real ID is right for you, you will 1.) visit the DMV and take your photo and required exams, 2.) provide proof of identity, 3.) provide proof of a Social Security number, 4.) provide two current residency documents, 5.) provide proof of signature, 6.) receive a temporary driver’s license and 7.) receive your Real ID in about two weeks.  

Of course, for a variety of reasons, sometimes potential new laws fail to take effect.  This year, for example, Illinois voters were asked to amend the constitution and pass a graduated income tax.  That amendment failed, leaving lawmakers scrambling to fill the ever-growing deficit.  Keep a lookout for lawmakers seeking to raise Illinois income tax from about 5% to 6%.  

As outlined above, Gardi, Haught, Fischer & Bhosale LTD Ltd. continues to stay up to date on all new laws and legal trends. Please contact us to discuss your legal needs.

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