Third Circuit Decision Addresses New Jersey Gift Card Questions
Wednesday, January 25, 2012
Third Circuit Decision Addresses New Jersey
Gift Card Questions
UPPO thanks GRAC Committee Members John L. Coalson Jr., Kendall L. Houghton, Ethan D. Millar, Maryann H. Luongo, and Michael M.Giovannini for providing this information.
This advisory was originally published as an Alston & Bird Viewpoint article on January 23, 2012, in State Tax Notes. See 333 State Tax Notes 252 (Jan. 23, 2012).
On January 5 the U.S. Court of Appeals for the Third Circuit issued its opinion in N.J. Retail Merchants Association v. Sidamon-Eristoff, a case involving the constitutionality of 2010 N.J. Laws Chapter 25 (the New Jersey Act), New Jersey's recently enacted unclaimed property legislation affecting the treatment of stored value cards (SVCs). The court's decision answers several important legal questions concerning New Jersey's treatment of SVCs but leaves many others unanswered.
This article describes the New Jersey law and related litigation; analyzes the issues presented to and decided by the Third Circuit; and identifies open questions for SVC issuers and other parties that handle SVCs.
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This information is made available by the Unclaimed Property Professionals Organization (UPPO) as a service to its members. The statements, analysis and opinions expressed are those of the authors and are neither affirmed nor endorsed by UPPO or individual members of UPPO's Board, Committees or staff. UPPO is not engaged in rendering tax, legal, accounting, or other professional advice or services. If tax, legal, or accounting advice is required, the services of a competent professional should be sought.
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