Tag Archives: California

California Updates Unclaimed Property Law to Recognize Electronic Recurring Bank Account Activity

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On September 22, California Governor Jerry Brown signed AB 2258 into law, which revises California’s Unclaimed Property Law (UPL) to expressly recognize that certain electronic recurring transactions constitute “owner-generated activity” that would prevent accounts held by a banking or financial organization from being considered presumed abandoned.  As described by the bill’s author, AB 2258 effectuates a “simple modernization of the statute,” which will “eliminate unnecessary escheatment notices to be sent from the bank to the account holder that require the account holder to affirm [...]Read more

State & Local Tax Advisory – Gillette Overturned: One Test, Two Decisions in California

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On Thursday, December 31, 2015, the Supreme Court of California issued its decision in Gillette Co. v. Franchise Tax Board, reversing the California Court of Appeal and holding that the Multistate Tax Compact is not a binding compact between its member states.  Accordingly, the California legislature had the authority to, and did in fact, replace the state’s equally weighted apportionment formula with a double-weighted-sales formula in 1993.  This highly anticipated decision by the California high court will undoubtedly have a significant impact on the landscape of ongoing disputes among taxpayers [...]Read more