TITLE

Pennsylvania to Rake in Nearly $300 Million in Unclaimed Property Revenue

AUTHOR(S)
D'Ambrosio, Gillian
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/20/2003, Vol. 344 Issue 31661, p37
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Reducing the amount of time businesses can hold abandoned property to five years from seven as called for in the Unclaimed Property Revenue Enhancement Act has brought in that money to the cash-strapped commonwealth. The amended law also requires the U.S. Department of Treasury to liquidate abandoned stocks and bonds. Previously, these securities were often held indefinitely. Treasurer Barbara Hafer noted that her office expects to return about $17 million in assets back to their owners through its aggressive finders unit, bringing the net revenue in unclaimed property to $283 million. Hafer's good news comes as governor Ed Rendell and lawmakers in Harrisburg, Pennsylvania compete with proposals to hike state income taxes, slash property taxes, and fund education spending in the 2004 budget before the fiscal year ends on June 30.
ACCESSION #
10125592

 

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