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NJ Bill Would Allow Unclaimed Property Claims to Offset Governmental Debts

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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.

Stay tuned to our blog for further developments on this and other legislation, and contact us for all your unclaimed property compliance questions!

Tagged: new jersey unclaimed property, new jersey escheat, setoff of individual liability, soil, tax liability