Amendment #846 to H4100

To generate revenue from abandoned or unused gift cards and certificates

Mr. Winslow of Norfolk moves to amend the bill by inserting, at the end thereof, the following section:-

“SECTION XX.   Section 5D of chapter 200A of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting, at the end thereof, the following language:-

A gift certificate or card issued within the commonwealth in the ordinary course of an issuer's business which remains unclaimed by the bearer for more than three years after becoming payable or distributable or unused for any period of three years is presumed abandoned. The amount presumed abandoned is the price paid by the purchaser for the gift certificate or card, or the purchase price less amounts debited by the bearer from use of the certificate or card, whichever is lesser.”

and further inserting, at the end thereof, the following section:-

“SECTION XX.  Section 38 of chapter 63 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting, at the end thereof, the following language:-

(6) There shall be a corporate income tax credit of 25 cents for every dollar that is transferred to the office the treasurer and receiver-general from abandoned gift certificates and cards, as defined in section 5D of chapter 200A, that are unclaimed by the bearer.”