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Balancing State Budget with Unclaimed Property

Pennsylvania is the latest state to try and balance or shore up its state budget with the use of unclaimed property. Decreasing the holding period by 2 years would allow the state to grab about $150 million out of unclaimed property and deposit into state budget coffers. On the plus side, this maneuver is easy revenue and no new taxes; however, in the minus corner is a long lost rightful owner, or heir, surfacing and wanting their money, which the state must return. The question is, can any state safely balance their budget gambling against such odds?

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