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Bill to exempt small nonprofits from unclaimed property remittance draws scrutiny, vote expunged
Summary
Senate Bill 283 would exempt nonprofits with annual revenues of $5 million or less from unclaimed property remittance to the auditor; the committee recorded a tie, then moved to expunge that vote. Sponsors said many small nonprofits are unaware of current unclaimed-property obligations and that compliance burden can be significant.
Senate Bill 283, which would create an exemption in the unclaimed‑property subchapter for nonprofit organizations with annual revenues under $5,000,000, drew extended questioning at the committee hearing.
Sponsor testimony (Senator Hammer and witness Steve Lux, a nonprofit treasurer) described cases where initiation deposits and small liabilities became difficult to track for long‑running nonprofit entities. Lux said his organization found initiation deposits from the 1990s that remained payable and that nonprofits often…
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