Posted on Feb 28, 2017 by A.Bramlett |
In 2015 the New Jersey Treasury paid out $1.3 million dollars in unclaimed property claims. With A.B. 2441, the NJ Unclaimed Property Administration would be able to research a claimant's governmental debt and offset such liabilities before reissuing abandoned property back to a rightful owner. In an effort to recover governmental debts, this bill would integrate the state's unclaimed property process with the Treasury Department's Setoff of Individual Liability program. This would include anything from outstanding tax liabilities to child support deficiencies, as well as crime victims' compensation. There is no presently no estimated impact on additional delays that this may cause for owners claiming property without any such setoffs.