Holders Fight New Jersey's New Stored Value Card Law, Finding That Not All Arguments Have Been Fully Redeemed

Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...

New Jersey has adopted an aggressive posture towards the reportability of stored value cards, requiring reporting of SVCs if they remain unclaimed and without activity for two years. In this article, Kendall L. Houghton and Maryann H. Luongo, with Alston & Bird LLP, along with Christopher F. Beaudro, discuss the progress of court challenges seeking to overturn the law on constitutional grounds and certain arguments that remain to be fully briefed and considered.

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