NEW RULES FOR A NEW YEAR

New Year’s Day is not just a day to make resolutions, but to check the fine print of laws passed during the past year by state and federal legislative bodies.

Numerous measures affecting business and consumers’ pocketbooks take effect Tuesday, including new gasoline, cigarette and alcoholic beverage taxes and new California rules on interstate banking. Some of the tax hikes are the next phase of taxes put into effect earlier in the year. The following are highlights of some of federal and state measures going into effect.

Federal:

Tobacco tax increases 4 cents a pack.

Luxury tax of 10% on the price of cars above $30,000, jewelry above $5,000, furs above $10,000, boats above $100,000 and planes above $250,000 (except those used for business).

Medicare monthly premium rises to $29.90.

Payroll tax for Medicare, 1.45% of salary, levied on wages up to $125,000.

Top marginal federal income tax rate goes to 31%.

Social Security payroll tax extended to state and local employees currently not already covered by it.

Tax on six-pack of beer rises 6 cents; tax on table wine rises 18 cents a bottle; tax on gallon of 100-proof liquor rises $1.

State:

A 25-cent-per-barrel tax on oil sent by pipeline or tanker to California that is designed to create a fund to pay for the clean-up of potential oil spills in California.

California’s interstate banking barriers come down. Out-of-state banks will be allowed to buy California institutions, provided they are based in states that allow California banks the same privilege.

A levy on owners of oil storage tanks amounting to six-tenths of a penny for every gallon of oil stored that is designed to create a fund that pays for the clean-up of any soil or ground water contamination.

Mining companies required to post bonds on operations to help ensure that they clean up mining sites when operations are completed.

An assessment on residential property to create an earthquake insurance fund to be administered by the State Department of Insurance.