Senate Bill S8253

2025-2026 Legislative Session

Relates to interest on unclaimed child and spousal support payments

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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

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2025-S8253 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Abandoned Property Law
Laws Affected:
Amd §1405, Ab Prop L

2025-S8253 (ACTIVE) - Summary

Relates to interest on unclaimed child and spousal support payments by the owner of abandoned properties.

2025-S8253 (ACTIVE) - Sponsor Memo

2025-S8253 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8253
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 27, 2025
                                ___________
 
 Introduced  by Sen. BRISPORT -- (at request of the State Comptroller) --
   read twice and ordered printed, and when printed to  be  committed  to
   the Committee on Finance
 
 AN ACT to amend the abandoned property law, in relation to interest paid
   on unclaimed spousal and child support payments

   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 of section 1405 of the aban-
 doned property law, as amended by section 13 of part R of chapter 85  of
 the laws of 2002, is amended to read as follows:
   (a)  Notwithstanding any other provision of law, no owner of abandoned
 property shall be entitled to receive interest on account of such  aban-
 doned property from and after the date a payment of such abandoned prop-
 erty is hereafter made to the state comptroller pursuant to this chapter
 or  any  law  relating  to  abandoned property, whether or not [he] SUCH
 OWNER was entitled to interest on such  property  prior  to  such  date,
 except  that interest at the overpayment rate set by the commissioner of
 taxation and finance pursuant to subsection (j) of section  six  hundred
 ninety-seven  of the tax law, less one percentage point, shall accrue to
 abandoned property hereafter paid to the  state  comptroller  under  the
 following  provisions  of  this  chapter,  for the first five years such
 property is held by [him] THE STATE COMPTROLLER:
   (i) paragraph (a) of subdivision one of section three hundred of  this
 chapter; or
   (ii) subdivision one of section four hundred of this chapter; or
   (iii)  paragraph (a) of subdivision one of section six hundred of this
 chapter; or
   (iv) subdivision one of section ten hundred of this chapter; OR
   (V) SECTION THIRTEEN HUNDRED EIGHTEEN OF THIS CHAPTER.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06338-01-5

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