Tax & Accounting Blog

NV S.B. 136 Signed with Provision Not Originally Introduced

Alerts, Unclaimed Property June 29, 2011

Nevada S.B. 136 was signed by the Governor with an effective date of June 16, 2011, and includes provisions not originally introduced in the bill.

The most urgent issue adversely affects holders who have reported more than $10 million of property on its most recent report to Nevada. In this situation, the dormancy period for the following property types is reduced from three years to two years. These property types include:

 

• Securities
• Bonds
• Checking accounts
• Savings accounts
• CDs
• Money or credits owed to a business customer
• Property falling under the catch-all provision