Unclaimed Property: Viewing Recent Prepaid Card Policy Changes From an Unclaimed Property Perspective

The Bloomberg BNA Tax Management Weekly State Tax Report filters through current state developments and analyzes those critical to multistate tax planning.

Closed and open loop cards, gift cards, merchandise return cards, promotional cards—these are all types of prepaid cards that can be considered unclaimed property under state law. Unfortunately, there is very little consistency among the states and how they apply unclaimed property law to prepaid cards. In this article, author Michael Giovannini discusses how several states handle this complicated issue.