Synopsis As Introduced Amends the Illinois Income Tax Act. Provides that the Department of Revenue may share information with the State Treasurer for the purpose of administering the Uniform Disposition of Unclaimed Property Act. Amends the Uniform Disposition of Unclaimed Property Act. Provides that the State Treasurer shall, at least annually, notify the Department of Revenue of the names of persons appearing to be owners of abandoned property held by the State Treasurer, and that the Department of Revenue shall provide address and other information for such persons to the State Treasurer to facilitate the return of unclaimed property. Effective immediately.
House Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. In the Uniform Disposition of Unclaimed Property Act, provides that, in addition to the address associated with the Illinois income tax return, the Department of Revenue shall also provide to the State Treasurer any additional addresses for the same taxpayer from the records of the Department. Removes a provision from the introduced bill providing that, if the value of the property is greater than $2,000, the State Treasurer shall provide notice to the person informing the person that he or she is the owner of abandoned or unclaimed property. Provides instead that the State Treasurer may deliver the property without the person filing a claim if: (1) the value of the property that is owed the person is $2,000 or less; (2) the property is not either tangible property or securities; (3) the last known address for the person according to the Department of Revenue records is less than 12 months old; and (4) the State Treasurer has evidence sufficient to establish that the person who appears in Department of Revenue records is the owner of the property and the owner currently resides at the last known address from the Department of Revenue. Provides that, if the unclaimed property has a value of greater than $2,000 or is tangible property or securities, then the State Treasurer shall provide notice to the person informing the person that he or she is the owner of abandoned or unclaimed property. Effective immediately.