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House narrows unclaimed‑property reporting, exempts small gift certificates under $25
Summary
Lawmakers passed a first substitute to the Unclaimed Property Act that exempts gift certificates under $25 from being treated as unclaimed property, reducing bookkeeping burdens on small businesses and lowering the fiscal estimate. The measure passed the House 71–1 and moves to the Senate.
The Utah House approved a first substitute to House Bill 76 on Feb. 9 that adjusts how unclaimed property law treats small‑value gift certificates. Representative John L. Ballantine, sponsor of the substitute, said the change creates a de minimis threshold so very small gift certificates — under $25 — are exempted from state unclaimed‑property collection requirements.
"This bill therefore would be, if…
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