Connecticut House Bill HB05172

Connecticut 2023 Regular Session

• Introduced: 1/11/23
• Refer: 1/11/23

Caption

An Act Concerning Duties And Powers Of The State Treasurer Regarding Unclaimed Property.

Impact

By raising the threshold for automatic return, the bill may lead to a more streamlined process for larger claims while potentially impacting individuals with smaller unclaimed properties who might have to engage in a different claims process. Additionally, the measure grants access to state data regarding delinquent taxes or fees owed by taxpayers, allowing the State Treasurer to offset these obligations by using unclaimed property as payment. This change represents an effort to enhance revenue collection for the state.

Summary

House Bill 05172 proposes several changes concerning the duties and powers of the State Treasurer in relation to unclaimed property. Key provisions include granting the State Treasurer access to state taxpayer and corporate registration data held by state agencies. This measure aims to facilitate a more efficient return of unclaimed property to residents of the state. The bill also seeks to modify the threshold for the automatic return of unclaimed property, increasing it from $2,500 to $5,000, thereby changing how smaller claims are processed.

Contention

While the intent of the bill is to better manage and return unclaimed property, there may be concerns regarding the privacy of taxpayer information, especially with the increased access granted to the State Treasurer. Critics might argue that such access could lead to misuse of personal data. Furthermore, the amendment allowing unclaimed property less than $5,000 to be claimed online without paperwork may be seen as a more user-friendly approach, though it might also raise questions about the adequacy of the verification process to prevent potential fraud.