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Bill > HB488


PA HB488

PA HB488
In disposition of abandoned and unclaimed property, further providing for claim for property paid or delivered.


summary

Introduced
02/04/2025
In Committee
02/04/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

Amending the act of April 9, 1929 (P.L.343, No.176), entitled "An act relating to the finances of the State government; providing for cancer control, prevention and research, for ambulatory surgical center data collection, for the Joint Underwriting Association, for entertainment business financial management firms, for private dam financial assurance and for reinstatement of item vetoes; providing for the settlement, assessment, collection, and lien of taxes, bonus, and all other accounts due the Commonwealth, the collection and recovery of fees and other money or property due or belonging to the Commonwealth, or any agency thereof, including escheated property and the proceeds of its sale, the custody and disbursement or other disposition of funds and securities belonging to or in the possession of the Commonwealth, and the settlement of claims against the Commonwealth, the resettlement of accounts and appeals to the courts, refunds of moneys erroneously paid to the Commonwealth, auditing the accounts of the Commonwealth and all agencies thereof, of all public officers collecting moneys payable to the Commonwealth, or any agency thereof, and all receipts of appropriations from the Commonwealth, authorizing the Commonwealth to issue tax anticipation notes to defray current expenses, implementing the provisions of section 7(a) of Article VIII of the Constitution of Pennsylvania authorizing and restricting the incurring of certain debt and imposing penalties; affecting every department, board, commission, and officer of the State government, every political subdivision of the State, and certain officers of such subdivisions, every person, association, and corporation required to pay, assess, or collect taxes, or to make returns or reports under the laws imposing taxes for State purposes, or to pay license fees or other moneys to the Commonwealth, or any agency thereof, every State depository and every debtor or creditor of the Commonwealth," in disposition of abandoned and unclaimed property, further providing for claim for property paid or delivered.

AI Summary

This bill amends The Fiscal Code to modify the rules for claiming abandoned and unclaimed property held by the Commonwealth of Pennsylvania. Specifically, the bill increases the threshold for property that the State Treasurer can automatically pay or deliver to an identified owner from $500 to $5,000, without requiring a formal claim filing. This means that if a report under section 1301.11 identifies a single owner of abandoned property valued between $500 and $5,000, the State Treasurer can now directly return the property or its proceeds to that owner, simplifying the process for recovering smaller amounts of unclaimed assets. The legislation will take effect 60 days after its enactment, providing a short transition period for state agencies to implement the new rule.

Committee Categories

Government Affairs

Sponsors (7)

Last Action

Referred to State Government (on 02/04/2025)

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