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Illinois Authorizes Information Sharing to Administer Unclaimed Property


Unclaimed Property

Effective August 11, 2017, the Illinois State Treasurer is authorized to (at least annually) share with the Illinois Department of Revenue the names (and social security numbers, if available) of people who appear to own unclaimed property held by the State Treasurer. The Department shall notify the Treasurer if any of these people has filed an income tax return and will provide the last known address and any additional addresses of the person, except as prohibited by federal law. The Treasurer can deliver unclaimed property or pay the amount owed to someone if the following conditions are met:
 

  • The value of the property owed is $2000 or less;
  • The property is not tangible property or securities;
  • The last known address for the person according to Department records is less than 12 months old; and
  • The Treasurer has sufficient evidence that the person is the owner of the property and currently resides at the last known address.


If the unclaimed property has a value greater than $2000 or is tangible property or securities, the Treasurer will provide notice informing the person that he or she is the owner of unclaimed property and may file a claim with the Treasurer for the return of the property. (Public Act 100-0047 (HB 1808))
 

(11/28/2017)
(New)
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