Bill Text: NY S07626 | 2023-2024 | General Assembly | Amended

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO FINANCE [S07626 Detail]

Download: New_York-2023-S07626-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         7626--A

                               2023-2024 Regular Sessions

                    IN SENATE

                                     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:

     1    Section 1.  Short title. This act shall be known and may be  cited  as
     2  the "return abandoned property immediately and direct (R.A.P.I.D.) act".
     3    §  2.  Paragraph (a) of subdivision 1 and paragraph (a) of subdivision
     4  2 of section 1402 of the abandoned property law, as added by section  35
     5  of  part  A  of  chapter  61 of the laws of 2011, are amended to read as
     6  follows:
     7    (a) Notwithstanding anything to the  contrary  set  forth  in  section
     8  fourteen  hundred one of this article, the comptroller shall maintain on
     9  his or her website in a readily searchable format, a list of such  aban-
    10  doned  property  as  has been paid or delivered to the comptroller [that
    11  has a value of over twenty dollars, for a period of twelve months  prior
    12  to  April first, two thousand eleven, and any such abandoned property as
    13  has been paid or delivered to the  comptroller  thereafter  that  has  a
    14  value  of  over  twenty dollars, provided that when sixty or more months
    15  has passed after such property has been paid or delivered to  the  comp-
    16  troller,  the comptroller shall not be required to post such property on
    17  his or her website if he or she does not deem it reasonable  and  appro-
    18  priate to do so]. All unclaimed funds shall be posted on such searchable
    19  list at all times.
    20    (a)  the  names and last known addresses of all persons appearing from
    21  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

     1  filed  by  the holder, to be entitled to receive such abandoned property
     2  [exceeding twenty dollars in value]; and
     3    §  3.  The  abandoned  property law is amended by adding a new section
     4  1423 to read as follows:
     5    § 1423. Notice to apparent owner by state comptroller. 1. Upon receipt
     6  of abandoned property from the holder of such  abandoned  property,  the
     7  state  comptroller  shall,  with the department of taxation and finance,
     8  determine the current address of the apparent owner  of  such  abandoned
     9  property,  and  shall  send a written notice by first-class mail to such
    10  apparent owner at such address; provided,  however  that  the  foregoing
    11  requirements shall not apply where (a) the comptroller or the department
    12  of  taxation  and finance does not have an address for the owner; or (b)
    13  the comptroller or the department of taxation  and  finance  can  demon-
    14  strate that the only address that the holder has pertaining to the owner
    15  is not the current address of the owner.
    16    2.  The  state  comptroller shall also send a notice by e-mail to such
    17  apparent owner of abandoned property, if the comptroller or the  depart-
    18  ment  of  taxation  and  finance  has  a record of such apparent owner's
    19  e-mail address.
    20    3. If the comptroller receives no response from such apparent owner or
    21  such apparent owner fails to file a claim for  such  abandoned  property
    22  within  one  year of such notice, the comptroller shall refer such aban-
    23  doned property to the department of taxation and finance.
    24    § 4. The abandoned property law is amended by  adding  a  new  section
    25  1424 to read as follows:
    26    § 1424. Tax return identification of apparent owners. 1. After receiv-
    27  ing  a  record of abandoned property from the state comptroller pursuant
    28  to subdivision three of section fourteen hundred  twenty-three  of  this
    29  article  and  confirming  that  such apparent owner is the owner of such
    30  abandoned property, the department of taxation and finance shall  deter-
    31  mine  if  such apparent owner of such abandoned property (a) has filed a
    32  tax return in the fourteen months preceding such determination;  or  (b)
    33  is a debtor.
    34    2.  If such apparent owner is not a debtor, the department of taxation
    35  and finance shall deliver  such  abandoned  property  to  such  apparent
    36  owner,  without requiring such apparent owner to file a claim to receive
    37  such abandoned property.
    38    3. If such apparent owner is a debtor, the department of taxation  and
    39  finance  shall  set  off  such  abandoned property against such apparent
    40  owner's debts. If  there  is  any  remaining  abandoned  property  after
    41  setoff, the department of taxation and finance shall proceed pursuant to
    42  subdivision two of this section.
    43    4.  After  the  department  of  taxation and finance has resolved such
    44  abandoned property, the department of taxation and finance shall  notify
    45  the state comptroller to remove such abandoned property from the list of
    46  abandoned property maintained by the comptroller.
    47    § 5. Section 1419 of the abandoned property law is REPEALED.
    48    §  6.  The  tax  law is amended by adding a new section 664 to read as
    49  follows:
    50    § 664. Abandoned property  funds.  Any  funds  constituting  abandoned
    51  property referred to the department by the state comptroller may be paid
    52  toward  the amount owed under this article by the apparent owner of such
    53  property or refunded to the apparent owner.
    54    § 7. Section 21 of the tax law, as added by section 1  of  part  N  of
    55  chapter 686 of the laws of 2003, is renumbered section 21-a and subdivi-
    56  sion (a) is amended to read as follows:
        S. 7626--A                          3

     1    (a) General. Notwithstanding any provision of law to the contrary, the
     2  commissioner  may  furnish to the comptroller or duly designated officer
     3  or employee of the state department  of  audit  and  control  the  name,
     4  address  and  taxpayer  identification  number  of a taxpayer [to whom a
     5  refund or reimbursement of tax is owed, together with the amount of such
     6  refund  or reimbursement,] for the sole purpose of identifying owners of
     7  abandoned property paid to and held  by  the  comptroller  [pursuant  to
     8  section one hundred two of the state finance law].
     9    § 8. This act shall take effect immediately.