Still have some of those Christmas gift cards laying around? In a prior post, I discussed the fact that a significant portion of gift card value goes unredeemed (15% by some estimates). Business Week reports on what happens to that pile of cash.
As you might imagine, the government is trying to get a piece of the action. A number of states have passed laws that require at least part of the unused balances to revert to the state under unclaimed-property laws. This, in turn, gives retailers an incentive to set up their gift-card operations in states with the friendliest laws (although some states base the rules on the location of the card holder, not the card issuer).
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