Bloomberg BNA: Illinois may face legal challenges by implementing unclaimed property laws retroactively

In an article published in the July 17 edition of Bloomberg BNA’s “Daily Tax Report: State” regarding the implementation of the Revised Universal Unclaimed Property Act (RUUPA) in Illinois, Jennifer Borden said that the state could face legal challenges if they attempt to enforce the law retroactively as is currently proposed.

Said Borden: “That’s a retroactive application of the statute. That’s clearly unconstitutional, and that will have a really, really negative impact on Illinois businesses. So businesses incorporated the law exactly the way it was into their operations for a number of years, and now, all of a sudden, they will be penalized with payments to Illinois. It doesn’t make any sense.”

To read the entire article, click here.