As we look to the New Year, some new laws will be going into effect, in both Virginia and North Carolina.
For Virginia, there will be an increase in minimum wage. At the start of 2025, the minimum wage will go from $12 per hour to $12.41 per hour.
Now, this has been a steady increase since the first initiative back in 2020 to eventually get the minimum wage to 15 dollars.
Back in 2023, the U.S. Bureau of Labor Statistics announced an annual increase of 3.4% annually. According to the Virginia Department of Labor and Industry, the rate will continue to adjust by the same requirement.
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Car insurance will also see some changes in 2025. The Liability insurance Policy will be increased.
For Injury or death of one person it will increase to $50,000, $100,000 for injury or death of two or more people and property damage will increase to $25,000.
North Carolina is also seeing similar changes, but for property damage theirs will be raised to $50,000.
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At the end of this year, Virginia will no longer follow California’s electric vehicle mandate. Gov. Glenn Youngkin made the announcement back in June 2024.
In a released statement, “The idea that government should tell people what kind of car they can or can’t purchase is fundamentally wrong. Virginians deserve the freedom to choose which vehicles best fit the needs of their families and businesses,” said Gov. Youngkin.
The mandate would have required all new cars sold to eventually be electric.
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Back in North Carolina, there will be a state tax change.
Individual income tax will go down from %4.75 to %4.5.
For married couples filing together, the standard deduction will increase to $25,000. Head of household will see $19,125 and for single filers, $12,750.
