Assembly Bill A7981A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7981--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              August 18, 2023
                                ___________
 
 Introduced  by  M.  of A. DE LOS SANTOS -- read once and referred to the
   Committee on Ways and Means --  committee  discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN  ACT to amend the abandoned property law and the tax law, in relation
   to the return of abandoned property to owners by the state comptroller
   and the department of taxation and finance; and to repeal section 1419
   of the abandoned property law
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.   Short title. This act shall be known and may be cited as
 the "return abandoned property immediately and direct (R.A.P.I.D.) act".
   § 2.  Paragraph (a) of subdivision 1 and paragraph (a) of  subdivision
 2  of section 1402 of the abandoned property law, as added by section 35
 of part A of chapter 61 of the laws of 2011,  are  amended  to  read  as
 follows:
   (a)  Notwithstanding  anything  to  the  contrary set forth in section
 fourteen hundred one of this article, the comptroller shall maintain  on
 his  or her website in a readily searchable format, a list of such aban-
 doned property as has been paid or delivered to  the  comptroller  [that
 has  a value of over twenty dollars, for a period of twelve months prior
 to April first, two thousand eleven, and any such abandoned property  as
 has  been  paid  or  delivered  to the comptroller thereafter that has a
 value of over twenty dollars, provided that when sixty  or  more  months
 has  passed  after such property has been paid or delivered to the comp-
 troller, the comptroller shall not be required to post such property  on
 his  or  her website if he or she does not deem it reasonable and appro-
 priate to do so]. ALL UNCLAIMED FUNDS SHALL BE POSTED ON SUCH SEARCHABLE
 LIST AT ALL TIMES.
   (a) the names and last known addresses of all persons  appearing  from
 the  records  in  the  comptroller's  office, as set forth in the report
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11969-02-3
 A. 7981--A                          2
              

 
 filed by the holder, to be entitled to receive such  abandoned  property
 [exceeding twenty dollars in value]; and
   §  3.  The  abandoned  property law is amended by adding a new section
 1423 to read as follows:
   § 1423. NOTICE TO APPARENT OWNER BY STATE COMPTROLLER. 1. UPON RECEIPT
 OF ABANDONED PROPERTY FROM THE HOLDER OF SUCH  ABANDONED  PROPERTY,  THE
 STATE  COMPTROLLER  SHALL,  WITH THE DEPARTMENT OF TAXATION AND FINANCE,
 DETERMINE THE CURRENT ADDRESS OF THE APPARENT OWNER  OF  SUCH  ABANDONED
 PROPERTY,  AND  SHALL  SEND A WRITTEN NOTICE BY FIRST-CLASS MAIL TO SUCH
 APPARENT OWNER AT SUCH ADDRESS; PROVIDED,  HOWEVER  THAT  THE  FOREGOING
 REQUIREMENTS SHALL NOT APPLY WHERE (A) THE COMPTROLLER OR THE DEPARTMENT
 OF  TAXATION  AND FINANCE DOES NOT HAVE AN ADDRESS FOR THE OWNER; OR (B)
 THE COMPTROLLER OR THE DEPARTMENT OF TAXATION  AND  FINANCE  CAN  DEMON-
 STRATE THAT THE ONLY ADDRESS THAT THE HOLDER HAS PERTAINING TO THE OWNER
 IS NOT THE CURRENT ADDRESS OF THE OWNER.
   2.  THE  STATE  COMPTROLLER SHALL ALSO SEND A NOTICE BY E-MAIL TO SUCH
 APPARENT OWNER OF ABANDONED PROPERTY, IF THE COMPTROLLER OR THE  DEPART-
 MENT  OF  TAXATION  AND  FINANCE  HAS  A RECORD OF SUCH APPARENT OWNER'S
 E-MAIL ADDRESS.
   3. IF THE COMPTROLLER RECEIVES NO RESPONSE FROM SUCH APPARENT OWNER OR
 SUCH APPARENT OWNER FAILS TO FILE A CLAIM FOR  SUCH  ABANDONED  PROPERTY
 WITHIN  ONE  YEAR OF SUCH NOTICE, THE COMPTROLLER SHALL REFER SUCH ABAN-
 DONED PROPERTY TO THE DEPARTMENT OF TAXATION AND FINANCE.
   § 4. The abandoned property law is amended by  adding  a  new  section
 1424 to read as follows:
   § 1424. TAX RETURN IDENTIFICATION OF APPARENT OWNERS. 1. AFTER RECEIV-
 ING  A  RECORD OF ABANDONED PROPERTY FROM THE STATE COMPTROLLER PURSUANT
 TO SUBDIVISION THREE OF SECTION FOURTEEN HUNDRED  TWENTY-THREE  OF  THIS
 ARTICLE  AND  CONFIRMING  THAT  SUCH APPARENT OWNER IS THE OWNER OF SUCH
 ABANDONED PROPERTY, THE DEPARTMENT OF TAXATION AND FINANCE SHALL  DETER-
 MINE  IF  SUCH APPARENT OWNER OF SUCH ABANDONED PROPERTY (A) HAS FILED A
 TAX RETURN IN THE FOURTEEN MONTHS PRECEDING SUCH DETERMINATION;  OR  (B)
 IS A DEBTOR.
   2.  IF SUCH APPARENT OWNER IS NOT A DEBTOR, THE DEPARTMENT OF TAXATION
 AND FINANCE SHALL DELIVER  SUCH  ABANDONED  PROPERTY  TO  SUCH  APPARENT
 OWNER,  WITHOUT REQUIRING SUCH APPARENT OWNER TO FILE A CLAIM TO RECEIVE
 SUCH ABANDONED PROPERTY.
   3. IF SUCH APPARENT OWNER IS A DEBTOR, THE DEPARTMENT OF TAXATION  AND
 FINANCE  SHALL  SET  OFF  SUCH  ABANDONED PROPERTY AGAINST SUCH APPARENT
 OWNER'S DEBTS. IF  THERE  IS  ANY  REMAINING  ABANDONED  PROPERTY  AFTER
 SETOFF, THE DEPARTMENT OF TAXATION AND FINANCE SHALL PROCEED PURSUANT TO
 SUBDIVISION TWO OF THIS SECTION.
   4.  AFTER  THE  DEPARTMENT  OF  TAXATION AND FINANCE HAS RESOLVED SUCH
 ABANDONED PROPERTY, THE DEPARTMENT OF TAXATION AND FINANCE SHALL  NOTIFY
 THE STATE COMPTROLLER TO REMOVE SUCH ABANDONED PROPERTY FROM THE LIST OF
 ABANDONED PROPERTY MAINTAINED BY THE COMPTROLLER.
   § 5. Section 1419 of the abandoned property law is REPEALED.
   §  6.  The  tax  law is amended by adding a new section 664 to read as
 follows:
   § 664. ABANDONED PROPERTY  FUNDS.  ANY  FUNDS  CONSTITUTING  ABANDONED
 PROPERTY REFERRED TO THE DEPARTMENT BY THE STATE COMPTROLLER MAY BE PAID
 TOWARD  THE AMOUNT OWED UNDER THIS ARTICLE BY THE APPARENT OWNER OF SUCH
 PROPERTY OR REFUNDED TO THE APPARENT OWNER.
   § 7. Section 21 of the tax law, as added by section 1  of  part  N  of
 chapter 686 of the laws of 2003, is renumbered section 21-a and subdivi-
 sion (a) is amended to read as follows:
 A. 7981--A                          3
 
   (a) General. Notwithstanding any provision of law to the contrary, the
 commissioner  may  furnish to the comptroller or duly designated officer
 or employee of the state department  of  audit  and  control  the  name,
 address  and  taxpayer  identification  number  of a taxpayer [to whom a
 refund or reimbursement of tax is owed, together with the amount of such
 refund  or reimbursement,] for the sole purpose of identifying owners of
 abandoned property paid to and held  by  the  comptroller  [pursuant  to
 section one hundred two of the state finance law].
   § 8. This act shall take effect immediately.