Michigan Treasury Issues Information on Unclaimed Property for Corporate Income Tax Purposes

The Michigan Department of Treasury Feb. 1 issued information on unclaimed property, for corporate income tax purposes. The information includes that: 1) taxpayers are encouraged to search online to determine if they have lost or abandoned property, in light of National Unclaimed Property Day on Feb. 1; 2) the treasury doesn’t charge for the search or for claiming property; 3) the treasury is the custodian of all property turned over to the state once determined abandoned; and 4) the treasury reunites owners or their heirs with rightfully claimed property. The information also explains that businesses, corporations, nonprofits, public entities, and ...