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New Unclaimed Property Rules Produce $210 Million Windfall

The Commonwealth of Pennsylvania's Treasury Department expects that changes in the Commonwealth’s unclaimed property law will result in increased revenue estimates by about $210 million. This is a welcome news for legislative budget planners confronted by requests for billions of dollars in new spending in the new fiscal year.

Last year, the Legislature shortened the period from five years to three years in which banks, insurance companies and other entities may hold onto unclaimed property. As a result, this year more property than usual was turned over to the Commonwealth. Treasury Department’s estimated collection in unclaimed property this year is $423 million, which will leave $318 million available for state programs once outstanding claims are paid. By law, the Commonwealth may spend most of that money until the lawful owner of the property claims it.

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