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H0102...............................................by REVENUE AND TAXATION
UNCLAIMED PROPERTY ACCOUNT - Amends existing law to increase the amount of
moneys retained in the Unclaimed Property Account from $250,000 to
$500,000.
01/26 House intro - 1st rdg - to printing
01/27 Rpt prt - to Rev/Tax
02/01 Rpt out - rec d/p - to 2nd rdg
02/02 2nd rdg - to 3rd rdg
02/04 3rd rdg - PASSED - 68-1-0
AYES -- Alltus, Barraclough, Barrett, Black, Boe, Bruneel, Callister,
Campbell, Chase, Clark, Crow, Cuddy, Deal, Denney, Ellsworth,
Field(13), Field(20), Gagner, Geddes, Gould, Hadley, Hammond,
Hansen(23), Hansen(29), Henbest, Hornbeck, Jaquet, Jones, Judd,
Kellogg, Kempton, Kendell, Kjellander, Kunz, Lake, Limbaugh, Linford,
Loertscher, Mader, Marley, McKague, Meyer, Montgomery, Mortensen,
Moyle, Pischner, Pomeroy, Reynolds, Ridinger, Ringo, Robison, Sali,
Schaefer, Sellman, Smith, Stevenson, Stoicheff, Stone, Taylor,
Tilman, Tippets, Trail, Watson, Wheeler, Williams, Wood, Zimmermann,
Mr Speaker
NAYS -- Bell
Absent and excused -- None
Dist. 19, Seat A, Vacant
Floor Sponsor - Mader
Title apvd - to Senate
02/05 Senate intro - 1st rdg - to Loc Gov
H0102|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature First Regular Session - 1999IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 102 BY REVENUE AND TAXATION COMMITTEE 1 AN ACT 2 RELATING TO THE UNCLAIMED PROPERTY LAW; AMENDING SECTION 14-523, IDAHO CODE, 3 TO INCREASE MONEYS RETAINED IN THE UNCLAIMED PROPERTY ACCOUNT FROM TWO 4 HUNDRED FIFTY THOUSAND DOLLARS TO FIVE HUNDRED THOUSAND DOLLARS. 5 Be It Enacted by the Legislature of the State of Idaho: 6 SECTION 1. That Section 14-523, Idaho Code, be, and the same is hereby 7 amended to read as follows: 8 14-523. DISPOSITION OF MONEY RECEIVED. (1) All money received under this 9 chapter, including the proceeds from the sale of property under section 10 14-522, Idaho Code, shall be deposited in the unclaimed property account. 11 (2) All money in the unclaimed property account is hereby continuously 12 appropriated to the state tax commission, without regard to fiscal years, for 13 expenditure in accordance with law in carrying out and enforcing the provi- 14 sions of this chapter, including, but not limited to, the following purposes: 15 (a) For payment of claims allowed by the state tax commission under the 16 provisions of this chapter. 17 (b) For refund, to the person making such deposit of amounts, including 18 overpayments, deposited in error in such account. 19 (c) For payment of the cost of appraisals incurred by the state tax com- 20 mission covering property held in the name of the account. 21 (d) For payment of the cost incurred by the state tax commission for the 22 purchase of lost instrument indemnity bonds, or for payment to the person 23 entitled thereto, for any unpaid lawful charges or costs which arose from 24 holding any specific property or any specific funds which were delivered 25 or paid to the state tax commission, or which arose from complying with 26 this chapter with respect to such property or funds. 27 (e) For payment of amounts required to be paid by the state as trustee, 28 bailee, or successor in interest to the preceding owner. 29 (f) For payment of costs of official advertising in connection with the 30 sale of property held in the name of the account. 31 (g) For transfer to the general account as provided in subsection (3) of 32 this section. 33 (h) For transfer to the inheritance tax account of the amount of any 34 inheritance taxes determined to be due and payable to the state by any 35 claimant with respect to any property claimed by him under the provisions 36 of this chapter. 37 (3) At the end of each month, or more often, if it deems it advisable, 38 the state tax commission shall transfer all money in the unclaimed property 39 account in excess oftwofive hundredfifty40thousand dollars ($25 0 0,000) to the general 41 account. Before making this transfer, it shall record the name and last known 42 address, if available, of each person appearing from the holder's report to be 43 entitled to the property. The record shall be available for public inspection 2 1 at all reasonable business hours. 2 (4) All money received under this chapter, including the proceeds from 3 the sale of property under section 14-522, Idaho Code, deposited in the gen- 4 eral account shall be retained by the state of Idaho for the purposes of this 5 section and administered pursuant to this section for a period of ten (10) 6 years. At the end of such period, those moneys which have not been claimed and 7 paid over or delivered as an allowed claim under this section and section 8 14-524, Idaho Code, shall become due and payable by escheat to the state of 9 Idaho and become the property of the state of Idaho without further action on 10 the part of the administrator.
STATEMENT OF PURPOSE
R.S.08385
This bill amends the Idaho Unclaimed Property Act by
amending section 14-523, Idaho Code, to increase the amount of
money the State Tax Commission shall retain in the Unclaimed
Property Account from two hundred fifty thousand dollars to five
hundred thousand dollars. The change will insure there are
sufficient funds in the account to allow the State Tax Commission
to refund to lawful owners amounts that have been transferred to
the custody of the state.
FISCAL NOTE
The bill will cause a one-time shift of receipts from the
General Fund, not exceeding $250,000, from FY 2000 to FY 2001.
Contact
Name: Dan John / Ted Spangler
Agency: State Tax Commission
Phone: 334-7530
STATEMENT OF PURPOSE/FISCAL NOTE H 102