Now that Delaware's rewrite of its escheats laws is enshrined in Delaware law, holders will soon be faced with making some important decisions about audits and the VDA program. Our Unclaimed Property Group takes stock of what it means for holders going forward.
Read the full advisory here. [...]Read more
There are still many questions about the meaning of the Treasury’s new regulations applying Section 355(e) to predecessors and successors. Our Federal Tax Group examines the answers we do have and what they mean for practitioners.
Exactly two weeks after introduction, Delaware’s major unclaimed property overhaul bill – SB 13 – passed both the Senate and the House of Delaware’s General Assembly on January 26. The bill is now on the desk of newly inaugurated Governor Carney and is awaiting signature. We have previously addressed some of the significant features of SB 13 here. To summarize, SB 13 represents a complete rewrite of the Delaware Escheats Law in reaction to the Temple-Inland decision and other recent unclaimed property developments. Although SB 13 is inspired by and based in part on the new 2016 [...]Read more
In December, we wrote about a new gift card law in New York that took effect on Christmas day (http://www.alston.com/advisories/ny-gift-card-legislation/), which was enacted by Senate Bill S. 4771-E. Under that now-effective law:
Gift card issuers are prohibited from charging a service fee before the twenty-fifth month of dormancy, and any service fees that are applied after this time must be waived and put back on the card if the card is used within three years of the issue date.
No gift card may have an expiration date of earlier than five years from the date the card was issued or the [...]Read more
Our Unclaimed Property Group explains how, effective December 25, New York will further restrict gift card service fees, limit card expiration dates and require additional terms and conditions to be clearly and conspicuously stated.
Clark Calhoun explores the implications of a decision from the U.S. Supreme Court in an article published in IPT Insider. (See p. 10 of the linked document.)
In Comptroller of the Treasury of Maryland v. Wynne, the U.S. Supreme Court declared Maryland’s income tax credit scheme unconstitutional, holding that the state’s failure to provide a full credit for the state and local taxes paid to other states was internally inconsistent and, therefore, violated the dormant Commerce Clause. Calhoun's article focuses on a similar tax credit issue, the constitutionality of which seems highly suspect [...]Read more