Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate committee approves uniform $18 million transfer from unclaimed property fund to general revenue
Summary
The Senate Revenue & Taxation Committee approved a House bill to fix an $18,000,000 annual transfer from the unclaimed property fund to general revenue, replacing a convoluted formula that produced variable results; DFA and the State Auditor said the change is intended to be revenue neutral and avoid audit findings.
Members of the Senate Revenue & Taxation Committee voted to advance a House bill that sets a consistent $18,000,000 annual transfer from the state's unclaimed property fund to general revenue and retains the remainder in the fund for three years, excepting amounts designated for central services.
Sponsor testimony described the change as a technical cleanup of a complicated formula that had produced fluctuating transfers in past years. Auditor Andrea Lee testified for…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
