Many new laws went into effect on the first day of 2023, and more will go into effect throughout the year.
Twenty-seven states will see a minimum wage increase this year. Of those states, Washington has the highest minimum wage at $15.74 an hour. The state's minimum wage for 2022 was $14.49 per hour.
Montana has the lowest at $9.95 an hour. The current federal minimum wage for employees is $7.25 an hour.
As part of the Inflation Reduction Act, the price of insulin for senior Medicare beneficiaries will be capped at $35 starting Jan. 1. For anyone on state-regulated insurance plans in Maryland, the price of insulin will be capped as well.
The legalization of recreational marijuana will happen in Missouri and Maryland this year after being approved by voters in 2022. Right now, almost half of the states in the country offer legal recreational and medical marijuana. New York also began selling recreational marijuana.
Colorado is decriminalizing mushrooms and other psychedelic drugs in January for adults 21 and older after voters approved the measure last year.
In more than half of the states, permanent tax cuts or one-time rebates were approved for 2023, mostly due to large budget surpluses. Arizona introduced a 2.5% flat tax on the first day of the year, now the lowest in the nation.