Idaho Governor Signs Law Revising Unclaimed, Abandoned Property Act

The Idaho Governor March 11 signed a law revising the unclaimed, abandoned property act, for corporate income tax purposes. The law includes measures: 1) defining terms including “administrator,” “apparent owner,” “confidential information,” and “electronic;" 2) providing a presumption of abandonment for items including a tax-deferred retirement account, custodial accounts for minors, securities, and real property; 3) providing detailed guidelines for businesses to adhere to when reporting unclaimed property and clear protocols for identifying dormancy; 4) revising and streamlining the act to make it more user-friendly for businesses and constituents, and to align with current technology standards; and 5) repealing certain ...