Holders of unclaimed property should take note that Illinoisâ state budget bill, SB 9, enacted July 7, 2017, includes significant changes to Illinoisâ unclaimed property law. Just days before it was enacted, the Illinois General Assembly amended SB 9 to include a modified version of the Uniform Law Commissionâs 2016 Revised Uniform Unclaimed Property Act. Illinoisâ new unclaimed property law will become effective January 1, 2018 and will repeal the stateâs current unclaimed property law, the Uniform Disposition of Unclaimed Property Act.Â
On June 12, 2017, Congressman Jim Sensenbrenner (R-WI) reintroduced into Congress H.R. 2887, also known as the âNo Regulation Without Representation Act of 2017â (the âLegislationâ), which codifies the physical presence nexus requirement established by the U.S. Supreme Court in Quill v. North Dakota, 504 U.S. 298 (1992) (âQuillâ). The Legislation is interesting for several reasons: (1) it proposes to employ a result that is the exact opposite of the recent trend to overturn Quill; (2) it defines âtaxâ broadly to include net income and business activity taxes; and (3) it expands the law to require a physical presence for states to regulate a personâs activity in interstate commerce outside of the tax context.