IL HB4573 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 5 2020 - 25% progression
Action: 2020-03-12 - Assigned to Revenue & Finance Committee
Pending: House Revenue & Finance Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Revised Uniform Unclaimed Property Act. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a provision regarding when a tax-deferred retirement account is presumed abandoned also applies to a tax-exempt retirement account. Provides that property held in a pension account or retirement account that qualifies for tax deferral or tax exemption may be presumed abandoned if, among other criteria, it is unclaimed by the apparent owner 3 years after the date the apparent owner becomes 72 (rather than 70.5) years of age. Provides that a business association that has no reportable property shall report to the State Treasurer if the business association has: (1) annual sales of more than $1,000,000; (2) securities that are publicly traded; (3) a net worth of more than $10,000,000; or (4) more than 100 employees. Provides that the State Treasurer does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property under certain circumstances. Provides for the identification of apparent owners of abandoned property using databases of the Secretary of State and the State Board of Elections. Provides for the delivery of reportable virtual currency to the State Treasurer. Makes other changes.

Tracking Information

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Title

RUUPA-VARIOUS

Sponsors


History

DateChamberAction
2020-03-12HouseAssigned to Revenue & Finance Committee
2020-02-05HouseReferred to Rules Committee
2020-02-05HouseFirst Reading
2020-02-05HouseFiled with the Clerk by Rep. Michael J. Zalewski

Code Citations

ChapterArticleSectionCitation TypeStatute Text
765102615-102Amended CodeCitation Text
765102615-201Amended CodeCitation Text
765102615-202Amended CodeCitation Text
765102615-213Amended CodeCitation Text
765102615-401Amended CodeCitation Text
765102615-503Amended CodeCitation Text
765102615-603Amended CodeCitation Text

Illinois State Sources


Bill Comments

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