Illinois: Unclaimed property law revised | KPMG | GLOBAL

Illinois: Unclaimed property law is significantly revised

Illinois: Unclaimed property law revised

Recently enacted legislation in Illinois, in addition to making changes to the rates of state’s corporate income tax and individual (personal) income tax, includes measures that significantly revise the state’s unclaimed property law.

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The Illinois House of Representatives overrode the governor veto of Senate Bill 9 on July 6, 2017. 

Senate Bill 9 repeals the state’s existing unclaimed property law and replaces it with a modified version of the 2016 Uniform Unclaimed Property Act. The effective date of the revised unclaimed property provisions is scheduled for January 1, 2018.

KPMG observation

Senate Bill 9 makes significant changes to Illinois unclaimed property laws that will require affected businesses to revise many of their existing practices associated with compliance and reporting of unclaimed property to Illinois. It is possible that the state legislature could repeal the recent unclaimed property changes before these measures become effective. During the somewhat rushed enactment of Senate Bill 9, House Bill 4078 was introduced and if that bill were to be enacted, it would repeal the unclaimed property changes adopted in Senate Bill 9.

 

Read a July 2017 report [PDF 48 KB] prepared by KPMG LLP

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