Legislative Updates: Texas, Nevada & Maine
Texas Lowers Aggregate Reporting Threshold . . . — Texas Senate Bill 1021 lowers the aggregate reporting threshold from $50 to $25, effective September 1, 2015.
. . . And Provides for Cash Redemption of Certain Low Value Gift Cards — Also in the Lone Star State, Texas House Bill 2391 provides that consumers may obtain a cash refund for stored value cards with balances of $2.50 or less after purchase.
Nevada Enacts Business-to-Business Exemption — Nevada Senate Bill 348 enacts a business-to-business exemption, providing that certain credits (but not checks) among businesses need not be reported if there is an ongoing business relationship between the parties.
Maine Enacts Savings-Bond Escheat Bill — Maine Senate Bill 320 extends the provisions of that state’s unclaimed property act to matured U.S. Savings Bonds.