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Revenue department proposes automatic return of small unclaimed property balances
Summary
House Bill 88 would let the Department of Revenue automatically return unclaimed property of $1,000 or less when it can validate an owner's identity. The department said automatic payments would quickly return roughly 90% of current holdings and reduce claim-processing steps.
House Bill 88, carried in the House by Rep. Marcia Bertolio (House District 75) at the request of the Department of Revenue, would authorize the department to automatically return unclaimed property valued at $1,000 or less when it can validate the apparent owner's identity and entitlement.
Representative Marcia Bertolio described the department's unclaimed-property holdings and the bill's purpose. "The Department is holding more…
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