Thursday, April 19, 2012

NJ Legislative Research Office: Gift Cards Worth $20-$25 Million Per Year to State

In connection with NJ Assembly Bill 1871, which would reverse the changes made in 2010 to New Jersey's unclaimed property laws, the New Jersey Office of Legislative Services released its Fiscal Estimate Report on the proposed legislation.  While the OLS itself declined to estimate the lost revenue impact on New Jersey that would be a consequence of undoing the gift card legislation, it did recount testimony from the Unclaimed Property Division last summer wherein the Division estimated that the state would collect "$20 million and $25 million per fiscal year from the escheatment of stored value cards."

The entire report can be found here.

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