Virtual Town Hall Discussion
New Compliance Reporting—The Revised Uniform Unclaimed Property Act
Listen to Illinois State Treasurer Mike Frerichs and his staff hold a virtual town hall discussion on new unclaimed property reporting requirements for businesses. Discussion includes new compliance reporting requirements that are effective January 1, 2018.
WHO: State Treasurer Mike Frerichs & Legal Staff
WHAT: Virtual Town Hall Discussion
WHEN: Recorded on Thursday, December 14, 2017
WHY: New Business Compliance Reporting Requirements
As a part of the state operating budget package, the omnibus tax bill (SB-9/Public Act 100-0022
), included the Revised Uniform Unclaimed Property Act. It replaces the modified version of the 2016 Uniform Unclaimed Property Act.
Public Act 100-0022 makes significant changes to Illinois’ Unclaimed Property Law and may require CPA firms and their clients to submit compliance reports to the Treasurer’s Unclaimed Property Division.
• Dormancy period for property decreases from three years to five years
• Elimination of business-to-business exception
• Owner notice and reporting
• Statute of limitation and record retention
• Enforcement/interest and penalties
• Special trigger and owner outreach provisions for securities property
See additional background information on the Legislative and Regulatory News page.