Weekly Round-Up: An Update on the ULC's Drafting Committee to Rewrite the 1995 Uniform Unclaimed Property Act


On Nov. 8-9, the Uniform Law Commission's (ULC) 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 that have to date generated the submission of more than 1,500 pages of commentary and proposed statutory language from a variety of stakeholders, Kendall L. Houghton, a partner with Alston & Bird in Washington, D.C., writes in this week’s issue of the Bloomberg BNA Weekly State Tax Report.

The ULC process is currently targeted to produce a 2016 Uniform Unclaimed Property Act that would accomplish the goals of modernization and increased uniformity.

Houghton’s article, which can be read in its entirety here, discusses the latest developments raised in the meeting.

Some notable developments from the State Tax Developments Tracker – Bloomberg BNA’s new tool for monitoring important developments in all the states:

Arizona Department of Revenue Publishes Report on the State’s Income Tax Credits

Connecticut Department of Revenue Services Commissioner Announces Results of Corporate Tax Resolution Initiative

North Carolina Department of Revenue Releases Its Guidelines for Determining Tax Credit for Investing in Renewable Energy Property

For more information about this and other state tax issues, sign up for a free trial of the Bloomberg BNA Premier State Tax Library. 

In other developments…

Morrison & Foerster issues its November 2014 edition of New York Tax Insights, which includes a look at new guidance of the treatment of film in the property factor

Legal Alert: Has New York City Added a Fourth Element for Determining a Combined Group? by Sutherland

Clicks, Pumps, Dreams and Time… How Many May See Their Taxes Rise? by The Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution

Compiled by Priya D. Nair

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