United States

Multistate: Uniform Law Commission finalizes Revised Uniform Unclaimed Property Act (RUUPA) with Comments

Dec 05, 2016
From KPMG TaxWatch

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On November 16, 2016, the Uniform Law Commission (ULC) finalized the Revised Uniform Unclaimed Property Act (“RUUPA” or the “Act”) with commentary. While the text of the new Act was approved over the summer, the commentary provides additional insights into additions and modifications of the Act’s language from prior versions. The ULC drafted the first UUPA in 1954, with subsequent revisions in 1981 and 1995. The 2016 Act―the culmination of three years of intense debate between states, audit firms, practitioners, and holders - is intended to bring unclaimed property laws into the modern era, as well as address recent compliance and enforcement concerns raised by unclaimed property holders and advocates. Among other items, the Act contains specific provisions related to the treatment of virtual currencies, securities-related property, payroll cards, merchandise return certificates, contact standards, due diligence requirements, and audit guidelines. While companies across all industries are affected by various aspects of the 2016 Act, there are potentially significant changes in store for companies operating in the retail, financial services, energy, internet/technology, and healthcare areas. States may begin considering adoption of all or part of the new Act during the 2017 state legislative sessions. Please stay tuned to TWIST for future updates.

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The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.