Heads up for accounting pros dealing with unclaimed property and escheatment: New rules and regs are on their way for one state.

The state of Nebraska recently enacted legislation impacting any companies that deal with unclaimed property.  Previosuly, retailers were required by law to remit funds from any unused Nebraska gift cards/certificates (if $100 or under in value) to the state treasurer once they crossed a three-year threshold.

But after L.B. 688 (enacted March 10, 2008), regulations are now changed so that any unused gift cards/certificates which are over $100 in value and don’t contain any post-sale finance charges or fees are exempt from becoming unclaimed property.

One important note: If a gift card has an expiration date or fees associated with it, businesses are still required to report it as unclaimed property after 3 years of inactivity (regardless of the amount). The exemption only qualifies for cards/certificates without fees or exemption dates.

Tags: Exemptions, Gift cards, Gift certificates, Nebraska, Unclaimed propety