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F I S C A L I M P A C T R E P O R T
SPONSOR Varela
DATE TYPED 02/10/05 HB 206/aHCPAC
SHORT TITLE Abandoned Property Taxation Changes
SB
ANALYST Ford
APPROPRIATION
Appropriation Contained Estimated Additional Impact Recurring
or Non-Rec
Fund
Affected
FY05
FY06
FY05
FY06
Minimal Recurring General Fund
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of HCPAC Amendment
The House Consumer and Public Affairs Committee amendment makes clarifying changes to
definitions used in the Uniform Unclaimed Property Act.
Synopsis of Original Bill
House Bill 206 makes the following changes to the Uniform Unclaimed Property Act:
•
Requires holders of 25 or more abandoned properties to report the properties to the TRD
electronically.
•
Allows TRD to sell abandoned property by any reasonable method (current law allows
for the sale only through a public auction);
•
Extends the time in which a former owner can challenge the validity of the sale of un-
claimed property from 24 months to 48 months.