Alerts2.28.22
California Considers Unclaimed Property Voluntary Disclosure, Interest Forgiveness Legislation
Highlights
Proposed California legislation contemplates an unclaimed property amnesty program forgiving a 12 percent annual interest requirement for qualifying companies
The state is attempting to increase unclaimed property compliance among the estimated 1.3 million non-compliant California taxpaying companies
The proposed bill is expected to be heard in committee March 19
The California State Assembly is considering Assembly Bill 2280, which would launch a much-anticipated opportunity for businesses to report unclaimed property to California – interest-free – under an amnesty program.
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