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F I S C A L I M P A C T R E P O R T
SPONSOR Smith
ORIGINAL DATE
LAST UPDATED
2/02/06
HB
SHORT TITLE Abandoned Property Tax Changes
SB 523
ANALYST Earnest
APPROPRIATION (dollars in thousands)
Appropriation
Recurring
or Non-Rec
Fund
Affected
FY06
FY07
NONE
NONE
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
Senate Bill 523 would amend the unclaimed property statutes to:
•
Require holders of more than 25 unclaimed properties to file electronic reports on the
properties with the Taxation and Revenue Department;
•
Allow the Taxation and Revenue Department to sell unclaimed property by methods
other than a public auction; and
•
Increase from 2 years to 4 years the time period an owner has to locate property before a
finder can charge a finders’ fee.
FISCAL IMPLICATIONS
None identified.
SIGNIFICANT ISSUES
According to TRD, the electronic filing requirements will eliminate paper and minimize the costs