TRENTON - A state Senate committee agreed Thursday to throw out the law turning unused gift cards over to the state.
The Senate Budget Committee was asked to vote to remove gift cards from the state's unclaimed property law. The bill also prohibited retailers from charging dormancy fees on idle cards or imposing expiration dates.
The state anticipated $65 million in new revenue by expanding the law.
Three major players in the gift card market reportedly said last month they would quit doing business in New Jersey in June over difficulties complying with the new law.
The companies, AmEx, Blackhawk Network and InComm, provided gift cards sold at malls, groceries and convenience stores.
Gov. Chris Christie says the gifts are always available if people want to claim them, but Democrats say it?s nothing more than a money grab.
The bill now goes to the full Senate.