Update on the Uniform Law Commission's Drafting Committee to Rewrite the 1995 Uniform Unclaimed Property Act

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

On Nov. 8-9, the Uniform Law Commission's Drafting Committee to rewrite the 1995 Uniform Unclaimed Property Act met for a second time in Washington, D.C. to advance its consideration of legal, policy and compliance issues. The ULC process is currently targeted to produce a 2016 Uniform Unclaimed Property Act that would accomplish the goals of modernization and increased uniformity. In this article, Kendall L. Houghton of Alston & Bird discusses the latest developments raised in the meeting.