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Appropriations committee backs plan to move unclaimed-property receipts into a trust fund over time
Summary
Senate Bill 155 earned a do-pass recommendation after sponsors and proponents described a multi-year plan to move a large share of unclaimed-property receipts into a newly created trust fund. The proposal phases down general-fund transfers and preserves earnings for future appropriation while protecting principal to address a long-term liability.
The House Appropriations Committee recommended do-pass on Senate Bill 155, which creates a trust fund to hold a portion of state net receipts from unclaimed property and phases down the amount deposited into the general fund over several years.
Representative Chris Cassin and Sen. Taffy Howard, longtime proponents of the change, framed the bill as a bipartisan, multiyear effort to convert roughly $1.2 billion in unfunded liability into a long-term asset. Cassin said the bill sets an initial FY26…
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