Governor Nixon has shifted into high gear with less than a week to go before the deadline for his action on legislation passed by the most recent session of the General Assembly.
Tuesday, Nixon signed 15 bills, including three backed by Associated Industries of Missouri.
House Bill 1075 makes changes to time periods and limits under the state statutes on abandoned property.
The bill includes language that any outstanding check, credit balance, customer’s overpayment, etc. issued to a business shall not be presumed to be abandoned as long as the holder and the business have an ongoing business relationship.
The bill also provides that payroll checks shall have the abandonment period reduced from five years to three years beginning on January 1, 2015.
SS HCS HB 1075 reads that business credits between any two businesses or associations shall not be turned over to the state treasurer. A three year statute of limitations is established for unclaimed property reports. If a fraudulent report is filed with the intent to evade escheatment of property, the state treasurer may enforce the statute within six years after the report was filed. If no report is filed, there is no statute of limitations.
Any claimant who feels they have been aggrieved by a decision of the state treasurer shall be entitled to a hearing.
Senate Bill 706 outlaws the practice of patent trolling, a scam that has proven to be surprisingly effective and costly to businesses across the country. Patent trolls, formally known as patent assertion entities (PAEs), are companies that purchase patents and monetize them by demanding licensing fees or settlements—usually under the threat of litigation—from unsuspecting businesses using similar technologies. Unlike some businesses that assert patent rights over patents that they own and use, PAEs do not produce any goods or services with their patents.
House Bill 2029 extends a current sales tax exemption for replacement parts and equipment used to repair aircraft. The current exemption is set to expire January 1, 2015. Passage of the extension is necessary to secure more than 500 jobs in the Kansas City area and numerous jobs at other airport facilities across the state.
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