New York Assembly Bill 8314, introduced on June 13, 2019, would provide for the escheat of virtual currency. The bill, which also directs the comptroller to create regulations establishing when electronic communication qualifies as “written contact” from an owner, defines “virtual currency” as “any type of digital unit that is used for a medium of exchange or a form of digitally stored value.” The definition is meant to be broadly construed and includes decentralized currencies and those with a central depository or administrator. However, the bill excludes online gaming currencies, [...]Read more
Our Unclaimed Property Team examines the potential adverse impacts on holders as Colorado joins the list of states updating their unclaimed property laws by adopting a version of RUUPA that repeals its existing $25 reporting deduction but preserves the state’s existing treatment of gift cards.
Impacted holders should consider redomestication
Will the state apply the repeal retroactively and attempt to claw back deducted funds?
Gift cards and gift certificates – maintaining the status quo
Read the fill advisory here. [...]Read more
Our Unclaimed Property Group examines the latest challenge to Delaware’s Escheats Law, regulations, and audit practices.
Lawsuit in response to state subpoena of holder’s records
Substantive challenge to audit practices even after recent Escheats Law amendments
Comparison to Plains All American Pipeline and Temple-Inland
Read the full advisory here. [...]Read more
Some states impose a controlling interest transfer tax (CITT) in a simple, straightforward manner, but, as a whole, most states’ CITT statutes suffer from ambiguous terms, complicated calculations, and a lack of guidance. Even the states with seriously solid music scenes. In their second article for the Journal of Multistate Taxation and Incentives reviewing states’ CITT statutes (you can find the first one here), Clark Calhoun and Kathleen Cornett discuss the remaining nine states (including the District of Columbia) that tax the transfer of a controlling interest in an entity that owns real [...]Read more