The Best and Worst of State Unclaimed Property Laws
As the old saying goes, “the devil is in the details.” And that is certainly true of tax policy and tax administration. A state could have the best tax policy in the world, but if their rules and regulations are enforced in a heavy-handed way then the state would still be considered unfriendly toward business. Unfortunately, it is very difficult to compare various tax rules and regulations.
However, the Council on State Taxation (COST) is in the business of making such difficult comparisons. In their latest report, “The Best and Worst of State Unclaimed Property Laws: Scorecard on State Unclaimed Property Statutes: The Holders’ Perspective” they provide “a roadmap for legislators who seek to ensure that their state’s unclaimed property laws are fair for owners and holders.”
In keeping with Maine’s infamous anti-business government culture, Maine scores an abysmal C-. While not among the worst in the country, it is a far cry from the best as well.