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ID H0385
Bill
AI Summary
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Extends the period before unclaimed property is transferred to the Public School Permanent Endowment Fund from an unspecified time to 1,827 days (approximately 5 years) after the property should have been reported.
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Requires holders of ten or more items of unclaimed property to submit reports in an electronic format prescribed by the administrator.
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Grants the administrator discretion to sell abandoned property within three years of receipt, rather than requiring mandatory sale, and allows the administrator to decline insufficient bids or refrain from sale if costs exceed property value.
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Authorizes the administrator to waive interest and penalties in whole or in part when a holder has acted in good faith and without negligence in complying with accurate reporting requirements.
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Maintains existing penalties including 12% annual interest on late payments, 5% annual penalty for negligent failures to deliver property, and criminal penalties up to $3,000 for willful refusal to deliver property.
Legislative Description
Amends existing law relating to unclaimed property to allow the administrator a period of five years prior to turning property over to the Public School Endowment Fund; to require holders reporting ten or more properties to report in a format required by the administrator; to allow the administrator discretion to sell abandoned property within three years; and to allow the administrator to waive penalties and interest in certain cases.
TAX COMMISSION
Last Action
Governor signed Session Law Chapter 15 Effective: 07/01/10
2/24/2010