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 week’s issue of the Bloomberg BNA Weekly State Tax Report, Michael Giovannini, a senior associate in Alston & Bird's State & Local Tax Group, discusses how several states handle this complicated issue.
The article can be read in its entirety here.
Some notable developments from the State Tax Developments Tracker–Bloomberg BNA’s new tool for monitoring important developments in all the states:
New Jersey Division of Taxation Issues Technical Advisory Memorandum Regarding Tax Treatment of Virtual Currency
Connecticut Department of Revenue Services Releases Informational Publication on Estimated Corporation Business Tax and Worksheet
Massachusetts Department of Revenue Publishes Information Regarding Public Written Statements Currently Under Development
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…
ALAS Advisory Group Prepares Final Program Design to Present to MTC Executive Committee Amidst Light Early Interest From States, by Sutherland
New York State Tax Department Releases Guidance on Tax Reform Legislation, by McDermott Will & Emery
Morrison & Foerster Issues its April 2015 Issue of New York Tax Insights which contains a look at a decision that upholds Bulk Sale Liability for Sales Tax Based on Transfer of Intangible Assets
Compiled by Priya D. Nair
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