STATE CONTROLLER UNCLAIMED PROPERTY PARTICIPATION IN THE INTERAGENCY INTERCEPT PROGRAM
PURPOSE OF BULLETIN
On September 1, 2009, the State Controller's Office (SCO) will expand the Interagency Intercept Program (IIC) to include, Unclaimed Property (UCP) payments, another revenue source. The IIC program will redirect UCP funds to state agencies and universities.
The state acquires unclaimed property through California's Unclaimed Property Law. Corporations, business associations, financial institutions, and insurance companies annually report and deliver property to the Controller's Office after no customer contact for three years.
Individuals who learn they have assets in UCP can submit a claim for those assets. Once the claim is verified by UCP, they will submit the individual's name to the IIC program.
If the individual has an intercept request from any state agency or university, the funds are intercepted up to the amount of the debt and any remaining funds are issued to the individual by SCO..
When we are the intercepting agency, the payment is identified on the Taxpayer Information System (TI) as UNC PROP PYMT on the specific tax year that was intercepted.
Once an intercept occurs, TI sends an intercept letter to the individual with the date and amount of the offset, and contact information for the intercepting agency.
Direct media contacts to:
- Public Affairs at 916.845.4800
Refer taxpayers to the offsetting agency; contact information can be found on TI.