Posted on Apr 22, 2019 by JMS Advisory Group |
Colorado joined a handful of other states last week, after the governor signed into law SB88, its version of the Revised Uniform Unclaimed Property Act (“RUUPA”).
The new law will be effective July 1, 2020. Much like the other states that have enacted RUUPA, there are some unique components of the Colorado law that deviate from the standard Uniform Act. For example, small business lobbyists were successful in retaining the provision exempting businesses that sell less than $200,000 in gift cards annually from reporting those instruments. Most notably, the previous unique signature of Colorado law, its $25 deduction for each property reported, will go the way of the dinosaur. This unique administrative offset was only offered in Colorado, and afforded holders a way of partially (at least) defraying the cost of compliance with onerous unclaimed property laws. The deduction will still be available for the 2019 filing season.