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25 States Facing Budget Shortfalls

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According to the Center on Budget and Policy Priorities, 25 states are facing or are currently in the process of dealing with revenue shortfalls. The CBPP says, “In 2017, 25 states are facing or have addressed revenue shortfalls. More states expect mid-year revenue shortfalls than in any year since 2010, according to the National Association of State Budget Officers.” Read the entire report here

This does not bode well for holders of unclaimed property, as states may look for ways to increase unclaimed property collections through more aggressive audit tactics, or turning to legislation that moves unclaimed property dollars to other government programs. This was just done in Oklahoma to provide funding for its Department of Human Services.

Stay in touch with JMS for developments such as these which could affect your business’ unclaimed property compliance obligations.

Tagged: unclaimed property, escheat, unclaimed funds, escheat compliance, unclaimed property audit, escheat audit