Unclaimed Property Holder Amnesty Program
Under Pennsylvania’s Unclaimed Property Act (the "Act"), some businesses and non-profit organizations were required to file an unclaimed property report with the Pennsylvania Treasury by April 15th. Many failed to do so. However, under the Unclaimed Property Holder Amnesty Program (the "Program"), some of those late filers will be able to file without penalty until October 31, 2010.
In general under the Act, unclaimed property is any financial asset that has been left with a business without activity or contact for a period of one year or more. In many cases, people have property such as expired gift certificates, checking accounts, stocks, dividends, uncashed checks, CDs and unclaimed insurance benefits. The Pennsylvania Treasury maintains an online database to search whether you have any unclaimed property.
Businesses and some nonprofit organizations in possession of unclaimed property are considered “holders” under the Act. Such holders are required to file unclaimed property reports by the April 15th deadline and turn over unclaimed property to the Treasury on an annual basis. A failure to do so will subject the holder to penalties and interest.
However, under the Program, holders have until October 31st to enter the program and sign a Voluntary Disclosure Agreement. This will allow them to turn over unclaimed property without incurring any penalties or interest. The holder will have 90 days after executing the agreement to file a report with the Treasury. While the Program is open to first time filers, it is also open to companies with gaps in their reporting history that would like to come into compliance. Any holders that are currently under audit or self audit with the Pennsylvania Treasury, or those holders that have been notified of such pending audits, are not eligible to participate in the Program.
For more information, please contact the Pennsylvania Treasury’s Holder Hotline at 1-800-379-3999 or send an email to firstname.lastname@example.org.