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Delaware Lawmakers Eye Unclaimed Property Reforms

A legislative task force has proposed reforms to several aspects of Delaware’s unclaimed property program. The proposals are currently under review by state lawmakers; most notably, a change that would shorten the “look back” period related to the state’s unclaimed property audits. Currently, unclaimed property audits are allowed to look back as far as 1981, however, the proposed reform would shorten the peer window to allow look backs only as far back as 1993 or 1991. State pundits fear such a change would greatly reduce Delaware’s revenue stream.

Other reform proposals in the task force report to the General Assembly include:

  • Creation of new voluntary disclosure program that would give breaks to corporations that voluntarily report unclaimed property liabilities;
  • Modify the audit appeals process;
  • Reconsider the statute of limitations on corporations’ annual filings of unclaimed property to ensure such corporations are not subjected to lengthy investigations; and
  • Pass tougher revolving door laws aimed at top state officials going to work for unclaimed property auditors.
To read the full online article by Jonathan Starkey of The News Journal, click here.

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