Delaware Senate Bill 13 (“SB 13”) was signed into law by Governor John C. Carney Jr. on February 2, 2017 with an immediate effective date. Within two weeks of its introduction, the provisions of SB 13 have effectively rewritten many key provisions of Delaware’s unclaimed property program.
President Trump has been invited to address a joint session of Congress on February 28th, and he is expected to release the outlines of his first budget in February, which will be a blueprint for his plans for government spending, which will then be developed further in March and April by Congress as part of the budget process.
Broad expectations of tax reform are prompting tax experts to ponder whether companies should be disclosing new risks to investors, especially companies that might be facing a hit to earnings.
On January 12, 2017, Senate Bill (“SB”) 13 was introduced in Delaware, potentially significantly impacting the state’s existing unclaimed property program. If enacted the bill, which was cosponsored by Senator Bryan Townsend and Representative Bryon Short, would effectively rewrite some key provisions of Chapter 11, Title 12 of the Delaware Code.
Congress convened on January 3, 2017. Based on comments from the Republican leadership and President-elect Trump, it is expected that the Congressional agenda in the early months of 2017 will include repeal of the Affordable Care Act (ACA), tax reform, and changes to environmental regulations, as well as the need to consider confirmation of several nominees for key positions in the Trump Administration and to address several foreign policy issues.