|
The original bill
completely removed the 60% presumption of abandonment for gift obligation
cards. Subsequent amendments imposed incremental reductions to the amounts of
unclaimed gift obligations. This amendment delays the incremental reductions
by one year and changes the impact of the previously engrossed bill by
eliminating the $1,700,000 revenue loss in fiscal year 2021-22, reducing the
revenue loss in fiscal 2022-23 from $3,500,000 to $1,700,000 and reducing the
revenue loss in fiscal year 2023-24 from $5,000,00 to $3,500,000. The annual
revenue loss in years after fiscal year 2023-24 would continue to be
$5,000,000. |