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Federal Law Update 1/1/2024


Federal Updates for 2024: IRS Mileage Rate, OSHA Reporting, and Federal Contractor Minimum Wages

The following federal law changes take effect on January 1, 2024.


IRS MILEAGE REIMBURSEMENT RATE

The IRS standard mileage rate will be 67 cents per mile driven for business purposes (up from 65.5 cents in 2023). This rate also applies to electric and hybrid vehicles.


Use of this rate is optional, though it’s widely accepted as an easy and standard reimbursement rate for employees who use their personal vehicle for work. If your organization uses the IRS rate to calculate mileage reimbursement, be sure to update your systems to account for this change.

OSHA REPORTING EXPANDED IN 2024Covered establishments with 100 or more employees in designated high-hazard industries will need to electronically submit information from their Form 300 (Log of Work-Related Injuries and Illnesses) and Form 301 (Injury and Illness Incident Report) through OSHA’s Injury Tracking Application (ITA). This is in addition to submitting Form 300A (Summary of Work-Related Injuries and Illnesses). Typically, reporting is due by March 2 of the year after the calendar year covered by the forms (for example, by March 2, 2024 for the forms covering calendar year 2023).


Establishments covered by federal OSHA can use the ITA Coverage Application to determine if they’re required to electronically submit their injury and illness information to OSHA. Establishments covered by an OSHA-approved State Plan should contact their State Plan directly to determine reporting requirements.


FEDERAL CONTRACTOR MINIMUM WAGE INCREASES

The minimum wage for work performed on or in connection with federal contracts will increase as follows:


Contracts Covered by Executive Order 13658

The minimum wage will increase to $12.90 per hour and the minimum base wage for tipped employees will increase to $9.05 per hour.


Contracts Covered by Executive Order 14026

The minimum wage will increase to $17.20 per hour. Additionally, the ability to take a tip credit and pay a lower base wage for tipped employees will be eliminated.


The Department of Labor has published helpful FAQs on Executive Order 13658 and Executive Order 14026. A side-by-side comparison of these executive orders, including the contracts covered by each, can be found here.


Legal Disclaimer: On-Time Payroll is not engaged in the practice of law. The content in this post should not be construed as legal advice, and does not create an attorney-client relationship. If you have legal questions concerning your situation or the information you have obtained, you should consult with a licensed attorney. On-Time Payroll cannot be held legally accountable for actions related to its receipt.

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