New Illinois laws, taxes starting July 1 include single use plastic restrictions, tipped minimum wage increase, vape tax - CBS News
Summary
Illinois hosts and those looking to enter the market should take note of new laws and tax changes starting July 1, including restrictions on single-use plastics, an increase in the tipped minimum wage, and a new tax on vapes. This will impact operational costs and compliance. Stay informed to ensure your STR business remains compliant with local regulations.
Key Insights
- •A new vape tax is going into effect.
- •A tipped minimum wage increase will affect labor costs.
- •New Illinois laws, including restrictions on single-use plastics, will impact operations.
Action Items
- ✓Adjust pricing strategies to account for increased costs related to the tipped minimum wage increase, which directly affects employee compensation.Effort: mediumImpact: medium
- ✓Review all the new regulations to ensure your operations are in compliance with the new Illinois laws.Effort: lowImpact: medium
Common Mistakes
- ⚠Failing to comply with the new regulations can result in penalties and fines.
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