Friday, September 14, 2018

IN THIS BRIEFING NAST News — Featured Article — State News Roundup — Top Tweet

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#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

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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 Bill Pascrell (D-N.J.) that would have repealed the cap, which was imposed by the 2017 tax law.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 State Treasurer 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 , Chair of the 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. The overall improvement in this system owes not just to the bull market but to legislative reforms. Investments of the $32.9 billion in the seven funds saw average returns of 9.5 percent during fiscal year 2018, which Miller said outperformed 86 percent of all public pensions. The Oklahoma Teachers Retirement System had a 10 percent return on investment during FY 2018, and stands at $16.5 billion. — News OK

Page 4 of 6 New Pa. website allows veterans, families to search for lost war medals, ribbons Monday unveiled a new website from the Treasury that is solely dedicated to reuniting unclaimed military decorations with their rightful owners. The new search function at www.patreasury.gov/unclaimed-property/medals allows users to search their names, or the name of a loved one, to see if the Treasury is holding a military decoration as unclaimed property. Users will also be able to look through a photo gallery of some of the decorations that are in the unclaimed property vault, as well as photos of medals that have been returned to their owners. — The Courier Express

New Pa. website allows veterans, families to search for lost war medals, ribbons Pennsylvania Treasurer Joe Torsella Monday unveiled a new website from the Treasury that is solely dedicated to reuniting unclaimed military decorations with their rightful owners. The new search function at www.patreasury.gov/unclaimed-property/medals allows users to search their names, or the name of a loved one, to see if the Treasury is holding a military decoration as unclaimed property. Users will also be able to look through a photo gallery of some of the decorations that are in the unclaimed property vault, as well as photos of medals that have been returned to their owners. — The Sentinel

NASCIO Recognizes Outstanding Achievements in State IT: Finalists Announced for 2018 NASCIO State IT Recognition Awards The National Association of State Chief Information Officers (NASCIO) revealed their list of 31 finalists across 10 categories of state government technology functions as part of its State IT Recognition Awards. This year marks the 30th consecutive year that NASCIO has held the program. Pennsylvania Treasury was just selected as a finalist for the 2018 State IT Recognition Awards by NASCIO for our Transparency Portal. — NASCIO

Texas Texas Comptroller Seeks Remote Sales Reg, Law Changes Texas will establish a rule to require remote sellers with at least $500,000 in sales in the state to collect and remit sales and use taxes, but the state's comptroller also plans to ask the Legislature for law changes, including amending the definitions of “seller” and “retailer” to include marketplace providers, the comptroller’s office said. — Law 360

Washington Deadline approaching for GET account-holders to switch If you have money in Washington’s prepaid college-tuition plan, you have only until midnight Wednesday (Sept. 12) to roll your units over to a new type of plan. And with the deadline approaching to exchange Guaranteed Education Tuition (GET) units for a stake in the DreamAhead 529 college savings plan, state phone lines are jammed. “The call and email volumes have been quite large and have picked up over the last week,” said Lucas Minor, the interim director of WA529, the agency that oversees GET and DreamAhead. — The News Tribune

Wisconsin Farah: Investing in children's education can bring big rewards With the anticipated arrival of a new baby, there are many details to work out. A name, the color of the nursery, the safest car seat, college. Wait — college? It’s true: Before the newest addition is even born, many parents and grandparents start looking into college savings options. With education a top priority for many families and tuition increases of almost 5

Page 5 of 6 percent annually, saving early is important. — Green Bay Press Gazette

TOP TWEET: The state's funds and investments continue to be managed by one of the finest treasury staffs in the country. The payroll has been met, venders paid and billions in investments managed by state employees that are South Carolinians & your neighbors. Our prayers for your safety. - @TreasurerLoftis

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