Tax & Accounting Blog

NC HB 692 Effective for Fall Unclaimed Property Reporting Period

Alerts, Unclaimed Property June 27, 2011

On June 23, 2011 the Governor of North Carolina signed House Bill 692 to become effective October 1, 2011. This will make it effective for the Fall Reporting period.

North Carolina H.B. 692 requires holders to report the following for each item:

• Name
• Last Known Address
• Social Security Number or Taxpayer Identification Number
• Date of Birth
• Driver’s License or State Identification Number
• E-mail address of each person who, from the records of the holder of the property, appears to be the apparent owner of the property.

Other provisions resulting from this bill include:

• Permits a holder that has $250 or less in unclaimed property to report in a single year to hold it and then report it in a future year when value of the property that the holder has to report is $250 or more.