From State Controller’s Office (SCO): Guidelines to report unclaimed property June 2020 Tax News
The Unclaimed Property Law allows the state to reunite lost and abandoned property with its rightful owner(s) and to safeguard this property from being used by private interests for personal gain.
Unclaimed property is generally defined as any financial asset that has been left inactive by the owner for a period of time specified by law, usually 3 years.
Who must file an unclaimed property report?
- Business associations, banking and financial organizations and life insurance corporations
- Non-profit, sole-proprietorships, and partnerships
- Other entities holding property belonging to another
Go to SCO’s Reporting Resources webpages for to get more detailed information.
- SCO Outreach and Compliance (916) 464-6088
- Reporting Assistance (916) 464-6284
- Claims Assistance (916) 992-4647