This is exactly what should happen to the unclaimed funds.
If you bought a Visa gift card, and gave it away to never be used, then the funds are not abandoned property. They are sitting in Visa's accounts pending use of the abandoned gift card. The State has no claim in the matter.
Sigh.
Can you read?
Once again....you and I are only allowed gifts of cash to a max of 11 thousand something a year. After that, we must pay taxes on it.
And yet, in defiance of all that I’ve written, you still respond, stupidly, that a business should be allowed to keep MILLIONS of dollars a year, tax free.
For isn’t this money now essentially a contribution?
I did write a long explanation that most of these cards have expiration dates. I also wrote, which you obviously did not read, that this is for a reason. Once the date of the gift card expires, it CANNOT be redeemed. I’ll grant you the expiration date might be a couple of years nowadays but once it’s written off...and businesses cannot keep this liability on their books forever, it CANNOT be redeemed.
Now, once the money can’t be redeemed then the business should be allowed to keep it? What...tax free? Is this business a charity? I gave you a hundred bucks on a Visa card, you didn’t use it, the card expired, now the bank on which I drew the funds gets this...what...free contribution of cash? For once it’s written off it’s free money.
I’m done. You people might be fine conservatives some of you, but you’re going the liberal route of knee jerk responses without thinking it through.
conservatives generally read and comprehend.
I’m done with you tooo....go back and read.