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News & Press: UPPO Advocacy Activity

UPPO Submits Comments to California Supporting a VDA Program

Wednesday, December 18, 2019   (0 Comments)
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In response to California’s adoption of S.B. 109, UPPO submitted comments to the Comptroller’s office regarding the law’s provision requiring development of a “one-time unclaimed property amnesty, or other options to increase compliance with unclaimed property law in lieu of an amnesty program, and options for increasing the return of unclaimed property to rightful owners.”

 

UPPO spelled out reasons the state would benefit from an ongoing voluntary disclosure agreement program. A VDA program would:

  • Give the state control over which businesses are accepted into the program.
  • Improve the number of annual filers by requiring program participants, as a condition of the
  • VDA, to continue as regular filers.
  • Allow the Comptroller to avoid the administrative burden resulting from a one-time amnesty
  • program.
  • Pay for itself, as a portion of the increased funds collected from an unclaimed property VDA
  • program could be allocated to program administration.
  • Act on an ongoing basis to continually:
    • Increase collection of unclaimed property for California citizens to claim.

    • Raise awareness of compliance requirements among companies without unclaimed

      property knowledge or compliance history.

    • Minimize fear of large interest assessments among small/mid-sized companies that may

      not be compliant.

    • Encourage holders that acquire noncompliant companies to bring them into compliance.

    • Increase holder compliance without having to dedicate the resources necessary to audit

      companies not in compliance.  

See UPPO’s letter


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