1999 Legislation
Print Friendly

HOUSE BILL NO. 102 – Unclaimed property acct, amt kept


View Daily Data Tracking History

View Bill Text

View Statement of Purpose / Fiscal Impact

Text to be added within a bill has been marked with Bold and
Underline. Text to be removed has been marked with
Strikethrough and Italic. How these codes are actually displayed will
vary based on the browser software you are using.

This sentence is marked with bold and underline to show added text.

This sentence is marked with strikethrough and italic, indicating
text to be removed.

Daily Data Tracking History

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

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

Bill Text


 ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
Fifty-fifth Legislature                 First Regular Session - 1999

                             IN THE HOUSE OF REPRESENTATIVES

                                    HOUSE BILL NO. 102

                            BY REVENUE AND TAXATION COMMITTEE

 1                                        AN ACT

 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 of  two   five   hundred    fifty
40      thousand  dollars ($ 2 5 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


 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 / Fiscal Impact

                      STATEMENT OF PURPOSE
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.

Name: Dan John / Ted Spangler
Agency: State Tax Commission
Phone: 334-7530

                                             STATEMENT OF PURPOSE/FISCAL NOTE     H 102