Prepared and Distributed by The Midwest Hardware Association, Inc.
|
|
Illinois Governor Delivers State of the State Budget Address
By Alec Laird, MHA Illinois Lobbyist and Vice President, Government Relations for the Illinois Retail Merchants Association
|
Governor JB Pritzker delivered a combined State of the State and Budget Address laying out his budget priorities for the 2024 fiscal year. eHELPS readers may read the speech here.
The Governor noted the fiscal progress Illinois has made over the last four years. Specifically, that the $230M in College Illinois debt has been paid, the $900M state employee group health insurance backlog has been paid, the Thompson Center has been sold, the $4.3B in Title XII borrowing to pay unemployment insurance benefits has been paid, as has the $8B in overdue bills. Bills are now being paid in under 30-days. Additionally, the Rainy Day Fund now has a balance of $1.9B and the state has made pension payments above and beyond those required by the terms of the bonding covenants saving over $4B in avoided interest costs over the life of the bonds. The result has been six credit upgrades from the various credit rating agencies.
In terms of anticipated revenue, the Administration is anticipating revenues for FY 24 to be $1.4B less than the upwardly revised FY 23 number. Various revenue sources, particularly the income tax and sales tax, performed so well during the current fiscal year the revenue estimates were increased a number of times with the most recent being a $1.24B increase. Of note, the Leveling the Playing Field Act resulted in nearly $900M in the sales tax coffers. That is nearly three times what was conservatively predicted by IRMA leading up to the enactment in October 2019.
Some of the notable proposals in the Governor’s proposed budget for FY 24 include:
|
|
Governor Evers' State Budget Proposal Rejected by Republicans
By Misha Lee, MHA Wisconsin Lobbyist
|
Wisconsin Democratic Governor Tony Evers recently delivered his third biennial state budget address to a joint session of the 132-member state Legislature, 31 of which are freshman lawmakers. Both chambers are controlled by Republicans and have been for more than a decade. The Governor’s budget address is the opening salvo to the exhaustive legislative budget season that generally lasts into the summer. Evers’ plan, as expected, covered a wide variety of his top priorities including significant investments in K-12 education, health care, and infrastructure, along with middle class targeted tax relief and proposals for criminal justice reform and environmental protection to name a few.
As expected, Republicans quickly rejected the Governor’s budget proposal. Senate and Assembly leadership and the co-chairs of the budget writing committee have indicated they intend to work on the budget by starting from the base. This means the Legislature will begin crafting a budget based on what the state currently has been working from for the past two years. This also means they will not be working from Governor Evers’ budget bill. Additionally, all major policy items that the Governor proposed such as legalizing recreational marijuana and expanding eligibility for Family and Medical Leave, will be debated separately and outside the budget process. As Republicans develop a budget, it will include some areas of common ground with the Governor, but will look vastly different from that of the Governor’s original proposal.
|
|
OSHA Reporting Deadline is March 2, 2023 |
Hardware dealers who had 20 or more employees during the previous calendar year are required to electronically report data found on OSHA Form 300A for calendar year 2022 by March 2, 2023.
WHO MUST ELECTRONICALLY REPORT INJURY AND ILLNESS DATA?
- Establishments with peak employment during the previous calendar year of 250 or more employees.
-
Establishments with peak employment during the previous calendar year of 20 to 249 employees that are classified in certain industries (including hardware retailers). For a list of covered industries, go to: https://www.osha.gov/laws-regs/regulations/standardnumber/1904/1904.41AppA
WHO DOES NOT HAVE TO ELECTRONICALLY SUBMIT DATA?
Establishments that meet any of the following criteria DO NOT have to electronically report their information to OSHA. Remember, these criteria apply at the establishment level, not to the firm as a whole.
- The establishment's peak employment during the previous calendar year was 19 or fewer, regardless of the establishment's industry.
-
The establishment's industry is on Appendix A to Subpart B (partially exempt industries) of OSHA’s recordkeeping regulation, regardless of the size of the establishment.
-
The establishment had a peak employment between 20 and 249 employees during the previous calendar year AND the establishment's industry is NOT on Appendix A to Subpart E (partially exempt industries) of OSHA’s recordkeeping regulation.
|
|
Do you have a Retirement Plan... You Will Want to Read This |
Retirement Plan changes are happening to all retirement plans in the U.S.
Signed into law on December 29, 2022, the SECURE 2.0 Act makes significant changes to retirement plans in an effort to expand enrollment, increase contributions and balances, and make retirement savings easier to access.
SECURE 2.0 will impact more than 90 retirement plan laws—some immediately, and others over the coming years. There is nothing you need to do at this time.
Keep in mind that many changes enacted by the SECURE 2.0 Act will be optional, though several may be mandatory for your plan.
The SECURE 2.0 Act will:
Expand coverage by:
- Creating a Saver’s Match that will be automatically contributed into the participant’s retirement plan
- Mandating auto-enrollment for new plans
- Expanding tax credits
- Allowing long-term part-time employees access to their employer’s 401(k)
Increase contributions and plan balances by:
|
|
Minnesota to Consider Ban on Gas-Powered Lawn Equipment |
A new bill — HF 1715 — was introduced last week in Minnesota and would prohibit the sale of gasoline powered lawn equipment like lawn mowers and leaf blowers after Jan. 1, 2025. Instead, those products would be required to be powered solely by electricity.
If HF 1715 eventually passes, it would make Minnesota only the second state in the country to ban gasoline powered lawn equipment. California passed a similar bill last year which is set to take effect in 2024.
It's important to note that as of right now, HF 1715 doesn't have a companion bill in the Minnesota Senate...yet. Both the House and Senate need to pass a bill, and Gov. Walz would need to sign it for it to become law. HF 1715 has been referred to the House Commerce Finance and Policy committee, which would need to pass it before moving it on to the full House for consideration.
The full text of HF 1715 reads:
|
|
Minnesota Earned Sick and Safe Time (HF 19) Passes the House
|
February 16, 2023, Rep. Liz Olson's bill mandating Sick and Safe Time for Minnesota workers was discussed on the House floor. The bill would require all employers with Minnesota employees to provide 1 hour of paid sick time for every 30 hours worked, up to 48 hours per year with a total of 80 hours that can be banked. The bill also imposes increased penalties for employers from $1,000 to $10,000. The leave can be taken for a variety of reasons including workers’ mental or physical health, caring for a family member or taking them to a medical appointment, absence related to domestic abuse, sexual assault or stalking of themselves or a family member, and closure of work, school or child care due to severe weather or an emergency.
The bill did receive one amendment from Rep. Andrew Myers that requires the Commissioner of the Department of Labor and Industry to create and provide employers with a "uniform employee notice in the five most common languages spoken in Minnesota." No other amendments were adopted.
The bill passed on 69-54 on a party line vote. The Senate companion's next stop is the Senate Finance committee.
|
|
If you'd like to place an ad, please contact Sam Schmidt at
|
|
Sales Trends October 2022
|
|
Here are the most recent Illinois, Minnesota-Dakotas, and Wisconsin hardware store sales trends, gathered from association members using the MHA's monthly accounting services. The figures derived for each region include sales data from the following number of stores:
Illinois - 12 stores
Minn.-Dakotas - 10 stores
Wisconsin - 46 stores
|
|
MHA is the recognized leader in providing accounting to independent hardware stores of all sizes and of all wholesaler affiliations. We provide accurate, timely, complete monthly financial statements and, because we do accounting for hundreds of hardware stores across the country, we offer something that other accounting firms can't.
With MHA monthly accounting service you receive:
- Monthly Profit & Loss Statement, Balance Sheet, and Cash Flow
- Accountant's Interpretation and Analysis Letter
- Complete reconciliation of all bank accounts, outstanding credit card transactions, merchandise payables, and other balance sheet items
- Preparation of sales tax, payroll tax, and other federal, state, and local tax reports
- Nationwide, toll-free telephone access to keep you in touch with the MHA staff
- Outstanding, professional service at reasonable prices
Our trained staff stays up to date on the latest tax developments and works closely with you to prepare and file returns that are accurate, complete, and on time.
Testimonial
“Because they work with other hardware stores around the nation, MHA gives us great insight on what to do when it comes to my accounting and finances. They are the best financial counselors to have for running a hardware store.”
David Tennies, Manager
Tennies Hardware
West Bend, WI
|
|
|
|
|
|
|
