Information Exchange To Improve Returns of Illinois Unclaimed Property

The Illinois Department of Revenue may now exchange information with the State Treasurer’s office to better administer unclaimed property laws. The agencies also may enter into an interagency agreement concerning protection of confidential information, data match rules, and other issues.  Legislation enacting the information exchange rules went into effect August 11, 2017.

Information Exchange

At least annually, the Treasurer will notify the department of the names and social security numbers of persons appearing to be owners of abandoned property being held by the Treasurer. In turn, the department will notify the Treasurer if any of those persons have filed an Illinois income tax return and provide their last known address.

Delivery of Property

The Treasurer may deliver property or pay an amount owing to a person matched under this process without the person filing a claim provided that:

  • the value of the property is less than $2,000;
  • the property is not either tangible property or securities;
  • the person’s last known address is less than 12 months old; and
  • there is evidence sufficient to establish the person as the owner of the property who currently resides at the last known address.

If the property does not meet the above criteria, the Treasurer must provide notice to the person that he or she is the owner of abandoned or unclaimed property and may file a claim.

(CCH Note: This law amends the Uniform Disposition of Unclaimed Property Act currently in effect for the state. Effective January 1, 2018, that law will be replaced by the Revised Uniform Unclaimed Property Act, as reported previously.  The revised act already contains the provisions for this type of interagency cooperation.)

P.A. 100-47 (H.B. 1808), Laws 2017, effective as noted

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CCHTaxGroup

All stories by: CCHTaxGroup