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
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)