IL HB1808

Amends Section 917 of the Illinois Income Tax Act to allow the Director of Revenue to exchange tax return information with the State Treasurer's Office for purposes of administering the Uniform Disposition of Unclaimed Property Act.

Creates new Section 19.5 in the Uniform Disposition of Unclaimed Property Act to establish a process for matching abandoned property holders with Illinois income tax records.

Requires the State Treasurer to annually notify the Department of Revenue of names and social security numbers of persons appearing to own abandoned property, and requires the Department to provide matching taxpayers' last known addresses.

Allows the State Treasurer to automatically deliver unclaimed property valued at $2,000 or less (that is not tangible property or securities) to matched owners without requiring a formal claim if the owner's address is less than 12 months old and identity is verified.

Requires notice to owners of unclaimed property valued over $2,000 or consisting of tangible property or securities, informing them they may file a claim with the State Treasurer.