New NC law gives pass to Holders with less than $250 to reportby Tracey Reid on 06/27/11
The NC Governor signed H.B. 692 into law on June 23, 2011, making a few changes to that state's unclaimed property law that affect Fall reporting. Effective October 1, 2011, Holders are REQUIRED to send in the following information for EACH item of unclaimed property they report:
- Last Known Address
- Social Security Number or Taxpayer Identification Number AND DATE OF BIRTH
- Driver's License or State Identification Number
- E-mail address of each person who, from the records of the holder of the property, appears to be the apparent owner of the property.
One provision that should alleviate some of your filing burden allows holders with $250 or less in unclaimed property to report in a single year to hold it and then report it in a future year when value of the property that the holder has to report is $250 or more. This may seem small, but it could be one less report you have to file this fall, even if you DO have to collect A LOT more information for your unclaimed items.