Friday, September 14, 2018 IN THIS BRIEFING NAST News — Featured Article — State News Roundup — Top Tweet NAST News #NASTAnnual Conference just around the corner! Registration closes on September 20th, don't miss out! Register today for our 2018 #NASTAnnual Conference, which will take place on September 30- October 3 in Scottsdale, AZ! The conference will feature the most interesting topics facing State Treasurers all around the country, including blockchain technology, cybersecurity, higher education, public pensions, transportation and infrastructure. Further details on each panel and keynote speakers can be found here. To register for this year's conference or learn more, click here. The conference will take place at The Scottsdale Resort at McCormick Ranch, click Page 1 of 6 here to reserve a room. — NAST.org Stay up-to-the-minute on all NAST News! Follow us on Twitter, LinkedIn and Facebook! Make sure to follow NAST accounts on all social media platforms to stay up-to-the-minute on any breaking news or upcoming announcements. With #NASTAnnual just around the corner and new webinars and resources offered regularly, our social media handles are the best way to stay in the know! Make sure to follow these links and give us a follow: Twitter, LinkedIn, Facebook. Featured Article: Tax 2.0 Storm Brewing in States Over Federal Deduction Cap States will have few options in trying to circumvent the cap on the state and local tax deduction if the House Republicans succeed in making it permanent. Democrat-leaning, mostly high-tax states that have led the charge to circumvent the $10,000 cap have begun to fire back at the effort, which is part of a bill (H.R. 6760) approved by the House Ways and Means Committee Sept. 13. Politicians have vowed retaliation, calling the move to extend the cap “beyond shameless” and “an attack on blue states.” If the extension passes Congress, tax practitioners say, states and their affected taxpayers will lack any practicable workaround because of recent IRS regulations that limit the most popular state response to the cap on state and local tax (SALT) deductions. The Ways and Means Committee rejected an amendment introduced by Rep. Bill Pascrell (D-N.J.) that would have repealed the cap, which was imposed by the 2017 tax law. Even if the House succeeds in passing the bill, the Senate is unlikely to endorse it. State News Roundup Connecticut Students can apply for CHET scholarships Connecticut high school freshmen and seniors are encouraged to apply for the 2018 CHET Advance Scholarship. The program is sponsored by Connecticut State Treasurer Denise L. Nappier, trustee of the Connecticut Higher Education Trust (CHET). This year CHET will again provide awards of up to $2,500 to 200 high school students. Up to 100 high school seniors with a grade point average of 2.0 or above will be eligible for a $2,500 scholarship. — Greenwich Times Delaware Office of the State Treasurer Bank Reconciliations Agreed-Upon Procedures Report State Auditor, R. Thomas Wagner, Jr., has released the Independent Accountants’ Report on Applying Agreed-Upon Procedures for the Office of the State Treasurer Bank Reconciliations for the quarter ended June 30, 2018. The engagement was conducted by the certified public accounting firm of Zelenkofske Axelrod LLC in compliance with 29 Del. C. Section 2906, as amended, and was initiated under the direction of the Office of Auditor of Accounts. Delaware.gov Illinois Treasurer touts program for those with disabilities Page 2 of 6 In a brief visit to the Jacksonville Area Center for Independent Living, state Treasurer Michael Frerichs discussed a new savings program for those with disabilities and brainstormed ways he could get the message to those eligible. JACIL Executive Director Becky McGinnis said Frerichs toured the facility Monday and then discussed ways in which he and his staff could effectively get the word out about ABLE, or Achieving a Better Life Experience, accounts. The accounts are a boon to those with disabilities that also receive Supplemental Security Income, which prohibits recipients from possessing over $2,000 in personal assets. — The Telegraph Watch your mailbox for an unexpected check Illinois State Treasurer Mike Frerichs stopped in downtown Moline Wednesday morning and said taxpayers who are owed $2,000 or less will be sent checks. The new 'money match' program automatically returns lost money to people in Illinois without the usual need for paperwork or filing a claim. Frerichs says the money match program uses existing technology and state records to match unclaimed cash with qualifying state taxpayers. QuadCities.com Ill. treasurer introduces easier way to get money back If you are missing money, Illinois state Treasurer Michael Frerichs has made it easier for you to get it back. Lost and unclaimed money will now find its way to Illinois residents faster thanks to Money Match, a new program launched by Frerichs. Money Match will find Illinois taxpayers who are owed $2,000 or less and send them checks automatically, without them having to file a claim or fill out paperwork. — Quad-City Times Indiana Pete the Planner: Make sure college education is worth the cost The retirement crisis’s roots can be traced back to the 1980s. That's when employers began abandoning defined benefit plans, more commonly known as pensions, in lieu of defined contribution plans, such as the 401(k). You can certainly argue the crisis was caused by the transition itself, which I’d struggle to disprove, but I believe the real issue was the lack of reaction to the changes, by the people who were affected by the changes. — Indy Star Iowa College Savings Iowa is celebrating 20 years with over $20,000 of giveaways This September and October, College Savings Iowa is celebrating 20 years of savings. State Treasurer Michael L. Fitzgerald launched the program in 1998 and helped the program grow to where it is now. “I am proud of how many families we have been able to help achieve their educational goals over the last 20 years due to the success of College Savings Iowa,” said Fitzgerald. “We are excited to keep this momentum going in the years to come as we encourage more families to save for a bright future.” — The Mapleton Press Louisiana Louisiana treasurer Schroder: Let's be clear -- I didn't support increase in sales taxes I’m writing so that Louisiana taxpayers aren’t misled into thinking I supported an increase in state sales taxes simply because I praised an improvement in the state’s credit rating. I did not. Yes, it’s a good thing that two national rating agencies have improved the outlook on the state’s credit. A higher credit rating for the state is a good thing. A stabilized budget is one of the reasons for the improvement because it’s no secret the rating agencies like stability. — The Advocate Michigan State Treasurer State of Michigan Has $887,000 Position in Callon Petroleum Page 3 of 6 State Treasurer State of Michigan increased its holdings in Callon Petroleum (NYSE:CPE) by 12.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 82,600 shares of the oil and natural gas company’s stock after buying an additional 9,000 shares during the period. State Treasurer State of Michigan’s holdings in Callon Petroleum were worth $887,000 as of its most recent filing with the Securities & Exchange Commission. — Fairfield Current Missouri Missouri's Unclaimed Property Auction to have nearly 4,000 items For collectors of stamps, coins, baseball cards and other collections, nearly 4,000 items are up for bid at this year's Unclaimed Property Auction. The auction will be held Thursday and Friday at the Hilton Garden Inn Conference Center in Columbia, according to Missouri State Treasurer Eric Schmitt. Interested bidders can preview the items from 6 to 8 p.m. Wednesday. The auction begins at 9 a.m. both days with previews an hour before. — Missourian Massachusetts Goldberg Announces Revere Receives $594K in Principal Forgiveness Funds for Water Projects State Treasurer Deb Goldberg, Chair of the Massachusetts Clean Water Trust, announced more than $7.5 million in loan principal forgiveness for 17 projects in nine communities statewide, including Revere which received $594,502. The principle forgiveness funds are administered on a competitive basis to cities and towns most in need of financial assistance to help pay for improvements to drinking water and infrastructure.“Providing these funds to local communities will save the ratepayers money and protect the health of the citizens and the environment,” said Treasurer Goldberg. “This $7.5 million is another example of the excellent work the Trust does saving our local communities money.” — Revere Journal Massachusetts has millions of dollars worth of unclaimed property Massachusetts residents are being urged to check the state's website to see if they're owed any money from unclaimed property. On Wednesday, State Treasurer Deb Goldberg said her office added more than 44,000 new unclaimed property owners to its list. Unclaimed property includes forgotten savings and checking accounts, uncashed checks, insurance policy proceeds, stocks, dividends, and contents of safe deposit boxes. — WPRI-TV Oklahoma College Savings Plan launches sweepstakes State Treasurer Ken Miller announced the kickoff of the Oklahoma 529 College Savings Plan's inaugural Pigskin Piggybank Sweepstakes, which will see one Oklahoma family win $5,529 for college, plus $5,529 for their student's school. "We want Oklahoma families to huddle up and make a game plan to pay for college," said Miller. "Some families might be tempted to punt these important decisions into the future, but starting to save early can move families closer to their savings goal." — Tahlequah Daily Press Pension wisdom needs to continue in OK Legislature State Treasurer Ken Miller used the lead article in his latest monthly economic report to note the strong gains seen in the state's seven public employee pension systems.