Important 2023 Updates for Massachusetts Small Business Owners

December 13, 2022

Important 2023 Updates for Massachusetts Small Business Owners

On January 1, 2023, several state policies will change in Massachusetts. First, the state minimum wage will increase to $15 per hour. This is the final scheduled wage hike resulting from the 2018 Grand Bargain law. On a positive note, this also means Sunday/holiday time-and-a-half pay for retail shops will be completely phased out. This outlier blue law gradually decreased every year since the Grand Bargain’s passage and will now completely end on January 1^st. NFIB will be vigilant going into 2023 anticipating legislators will likely file bills calling for additional increases to the state minimum wage. Other states, like New York, are considering proposals to raise the wage to a staggering $25 per hour. We will also make certain lawmakers fail to reinstate premium time-and-a-half pay for retail shops again, following their unsuccessful attempt last session. January 1^st will also see the implementation of the new income tax surcharge or so-called millionaire’s tax. This will impose a 4% income tax surcharge on all income over $1 million, including for pass-through small businesses. NFIB urges you to consult with your tax preparer and attorney to learn how to best prepare for this tax’s impact on your small business and how you may take steps to avoid falling victim to this new tax.

Topics:

Uncategorized

State:

Massachusetts

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