The U.S. Supreme Court ruled unanimously Tuesday that Delaware wrongfully grabbed hundreds of millions of dollars in unclaimed funds from customers of international“Abandoned financial products should escheat [revert] to the state of the creditor’s last known address” and not merely to the state where the company that prepared them happens to be incorporated, according to the decision, written by Justice Ketanji Brown Jackson.
The state has already projected that escheat will provide a declining share of the state’s income in future years, but it has not budgeted for large, retroactive payments.Fees assessed on the million-plus U.S.
“This is a clear ruling,” said Michael Lurie, a tax partner at the Philadelphia office of law firm Reed Smith, who represented private firms that collect escheat taxes for other states in early phases of the litigation. He added that there is still “ambiguity” about whether some other kinds of unclaimed payments, including cryptocurrency, belong to the states where they were created, or the states where their creators were set up.
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