IL HB2224

Amends the Property Tax Code to establish that unclaimed property tax refunds remaining unclaimed for 3 years are presumed abandoned and subject to the Revised Uniform Unclaimed Property Act in both Cook County and other Illinois counties.

Modifies the Probate Act to require that beginning July 1, 2024, unclaimed estate assets be reported to the State Treasurer under the Revised Uniform Unclaimed Property Act instead of being deposited with county treasurers.

Adds a new definition to the Revised Uniform Unclaimed Property Act to classify property tax refunds under Section 20-175 of the Property Tax Code as abandoned after 3 years of remaining unclaimed.

Creates two new sections establishing procedures for escrowing abandoned property held by local governments and State agencies, including requirements for multiple notice attempts and public notice before property escheats to the General Revenue Fund.

Changes the mandatory distribution age in tax-deferred retirement accounts from 72 to 73 years old for purposes of determining when property is presumed abandoned.