NY State Senate Bill 2023-S7626A

Senate Bill S7626A

2023-2024 Legislative Session

Relates to the return of abandoned property to owners by the state comptroller and the department of taxation and finance; repealer

download bill text pdf

Current Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to finance
Dec 13, 2023	print number 7626a
Dec 13, 2023	amend and recommit to rules
Aug 09, 2023	referred to rules

Bill Amendments

Original

A (Active)

2023-S7626 - Details

See Assembly Version of this Bill:: A7981
Current Committee:: Senate Finance
Law Section:: Abandoned Property Law
Laws Affected:: Amd §1402, add §§1423 & 1424, rpld §1419, Ab Prop L; add §664, amd §21, Tax L

2023-S7626 - Summary

Enacts the "return abandoned property immediately and direct (R.A.P.I.D.) act"; relates to the return of abandoned property to owners by the state comptroller and the department of taxation and finance; repeals the provision that a holder of abandoned property need not specify certain information identifying the owner of abandoned property amounting to twenty dollars or less when delivering such abandoned property to the state comptroller.

2023-S7626 - Sponsor Memo

                                 
BILL NUMBER: S7626                      REVISED 8/10/23

SPONSOR: SEPULVEDA
 
TITLE OF BILL:

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

 
PURPOSE:

This legislation seeks to improve the ability of New York State to
return abandoned property and financial instruments to owners and heirs
of such abandoned property and financial instruments that have come into
the custody of the Office of the State Comptroller.

 
SUMMARY OF PROVISIONS:

Section One: Amends paragraph (a) of subdivision one and two of section
1402 of the abandoned property law by removing the twenty-dollar thresh-
old for returning property and requiring that all unclaimed funds shall

be posted on the State Comptrollers searchable database.

Section two: Adds a new section 1423 to the abandoned property law to
require the State Comptroller and the department of tax and finance to
work cooperatively to determine the current address of the apparent
owner of abandoned property and send written notice to the property
owner if a valid address is available and an e-mail notice if the Comp-
troller or department has a record of the e-mail address.  If no
response is received and no claim is filed within one year, the Comp-
troller shall refer such abandoned property to the department of tax and
finance.

Section three: Adds a new section 1424 to the abandoned property law to
require that the department of tax and finance determine if an apparent
abandoned property owner has filed a tax return in the preceding four-
teen months or is a debtor. If such apparent owner is not a debtor, the
department shall deliver such abandoned property to such apparent owner
without requiring such apparent owner to file a claim to receive such
abandoned property. If such owner is a debtor, the department shall
deduct such debt from the assets of the apparent owner and return any
balance remaining to the apparent owner. After resolution, the depart-
ment shall notify the State Comptroller to remove such abandoned proper-
ty from the list maintained by the State Comptroller.

Section four: Repeals section 1419 of the abandoned property law.

Section five: Adds a new section 664 to the tax law allowing any funds
constituting abandoned property to be paid against an outstanding tax
bill and any remaining funds returned to the apparent owner.

Section six: Renumbers section 21 of the tax law as section 21-a and
amends subdivision (a) allowing the commissioner of Taxation and finance
to share the name, address and taxpayer identification number for the
purpose of identifying the owner of abandoned property held by the State
Comptroller.

Section seven: Provides for the effective date.
 
EXISTING LAW:

Article XIV Abandoned Property Law, Sections 1400-1422

 
JUSTIFICATION:

It has been widely reported that in 2023 New York State will sweep about
half a billion dollars in unclaimed taxpayer funds into the NYS general
fund.

Since 1943, about $18 billion in unclaimed funds has been moved into
general fund coffers. In SFY 2021-22 the state paid owners $404 million,
a 41% return rate out of $980 million in unclaimed funds collected.

Currently, the NYS system does not list accounts under $20 online and
deletes listing of accounts under $50 after 60 months. New York has
fallen behind states such as Illinois, Wisconsin, Oregon, Rhode Island
and Louisiana who take a more proactive approach in returning unclaimed
funds to their owners.

When the Wisconsin Department of Revenue took over that states unclaimed
property program, they launched the nation's first system to automat-
ically match accounts with owners by integrating it into their tax proc-
essing system. Last year (2022), Wisconsin's return rate was 92%.
Wisconsin's average rate of return from 2016-2011 was 64.5%.

New York can and must do better in retuning unclaimed funds to their
owners. This legislation seeks such reform by requiring the Comptroller
and the state Department of Taxation and Finance to work cooperatively
and share databases to facilitate the proactive return of funds.

An example of why reforms are necessary not only for the benefit of
individual taxpayers but for local government as well was the shocking
revelation that in February 2023 Nassau County announced that it had
recouped more than $90,000 by searching the Comptroller's unclaimed
property website.

 
LEGISLATIVE HISTORY:

New Bill

 
FISCAL IMPLICATIONS:

Minor administrative costs associated with contacting abandoned property
owners to return their property.

 
LOCAL FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
Immediately

2023-S7626 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7626
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              August 9, 2023
                                ___________
 
 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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. Paragraph (a) of subdivision 1 and paragraph (a) of subdi-
 vision 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
 filed  by  the holder, to be entitled to receive such abandoned property
 [exceeding twenty dollars in value]; and
   § 2. The abandoned property law is amended by  adding  a  new  section
 1423 to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11969-01-3

 S. 7626                             2
 
   § 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.
   § 3. 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.
   § 4. Section 1419 of the abandoned property law is REPEALED.
   §  5.  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.
   § 6. 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) 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
 S. 7626                             3

 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].
   § 7. This act shall take effect immediately.

2023-S7626A (ACTIVE) - Details

See Assembly Version of this Bill:: A7981
Current Committee:: Senate Finance
Law Section:: Abandoned Property Law
Laws Affected:: Amd §1402, add §§1423 & 1424, rpld §1419, Ab Prop L; add §664, amd §21, Tax L

2023-S7626A (ACTIVE) - Summary

2023-S7626A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S7626A

SPONSOR: SEPULVEDA
 
TITLE OF BILL:

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

 
PURPOSE:

This legislation seeks to improve the ability of New York State to
return abandoned property and financial instruments to owners and heirs
of such abandoned property and financial instruments that have come into
the custody of the Office of the State Comptroller.

 
SUMMARY OF PROVISIONS:


Section One: Short Title: This act shall be known as the R.A.P.I.D Act
(Return Abandoned Property Immediately and Direct Act)

Section two: Amends paragraph (a) of subdivision one and two of section
1402 of the abandoned property law by removing the twenty-dollar thresh-
old for returning property and requiring that all unclaimed funds shall
be posted on the State Comptrollers searchable database.

Section three: Adds a new section 1423 to the abandoned property law to
require the State Comptroller and the department of tax and finance to
work cooperatively to determine the current address of the apparent
owner of abandoned property and send written notice to the property
owner if a valid address is available and an e-mail notice if the Comp-
troller or department has a record of the e-mail address.  If no
response is received and no claim is filed within one year, the Comp-
troller shall refer such abandoned property to the department of tax and
finance.

Section four: Adds a new section 1424 to the abandoned property law to
require that the department of tax and finance determine if an apparent
abandoned property owner has filed a tax return in the preceding four-
teen months or is a debtor. If such apparent owner is not a debtor, the
department shall deliver such abandoned property to such apparent owner
without requiring such apparent owner to file a claim to receive such
abandoned property. If such owner is a debtor, the department shall
deduct such debt from the assets of the apparent owner and return any
balance remaining to the apparent owner. After resolution, the depart-
ment shall notify the State Comptroller to remove such abandoned proper-
ty from the list maintained by the State Comptroller.

Section five: Repeals section 1419 of the abandoned property law.

Section six: Adds a new section 664 to the tax law allowing any funds
constituting abandoned property to be paid against an outstanding tax
bill and any remaining funds returned to the apparent owner.

Section seven: Renumbers section 21 of the tax law as section 21-a and
amends subdivision (a) allowing the commissioner of Taxation and finance
to share the name, address and taxpayer identification number for the
purpose of identifying the owner of abandoned property held by the State
Comptroller.

Section eight: Provides for the effective date.

 
EXISTING LAW:

Article XIV Abandoned Property Law, Sections 1400-1422

 
JUSTIFICATION:

It has been widely reported that in 2023 New York State will sweep about
half a billion dollars in unclaimed taxpayer funds into the NYS general
fund.

Since 1943, about $18 billion in unclaimed funds has been moved into
general fund coffers. In SFY 2021-22 the state paid owners $404 million,
a 41 return rate out of $980 million in unclaimed funds collected.

Currently, the NYS system does not list accounts under $20 online and
deletes listing of accounts under $50 after 60 months. New York has
fallen behind states such as Illinois, Wisconsin, Oregon, Rhode Island
and Louisiana who take a more proactive approach in returning unclaimed
funds to their owners.

When the Wisconsin Department of Revenue took over that states unclaimed
property program,, they launched the nation's first system to automat-
ically match accounts with owners by integrating it into their tax proc-
essing system. Last year (2022), Wisconsin's return rate was 92.
Wisconsin's average rate of return from 2016-2011 was 64.5.

New York can and must do better in retuning unclaimed funds to their
owners. This legislation seeks such reform by requiring the Comptroller
and the state Department of Taxation and Finance to work cooperatively
and share databases to facilitate the proactive return of funds.

An example of why reforms are necessary not only for the benefit of
individual taxpayers but for local government as well was the shocking
revelation that in February 2023 Nassau County announced that it had
recouped more than $90,000 by searching the Comptroller's unclaimed
property website.

 
LEGISLATIVE HISTORY:

New Bill

 
FISCAL IMPLICATIONS:

Minor administrative costs associated with contacting abandoned property
owners to return their property.

 
LOCAL FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
Immediately

2023-S7626A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7626--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              August 9, 2023
                                ___________
 
 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
   printed  to  be  committed  to  the  Committee  on  Rules -- 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.
                                                            LBD11969-03-3

 S. 7626--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:
 S. 7626--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.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.