North Dakota Signs Law Repealing Uniform Unclaimed Property Act, Setting Tax-Exempt, Deferred Retirement Account Abandonment Rules

The North Dakota Governor April 19 signed a law on abandoned and unclaimed property for corporate income tax purposes. The law includes measures: 1) repealing the Uniform Unclaimed Property Act; 2) creating and enacting a chapter of the North Dakota Century Code, relating to the Revised Uniform Unclaimed Property Act; 3) providing when property held in a pension or retirement account that qualifies for individual income tax deferral or exemption under the income tax laws is presumed abandoned; 4) specifying the appeals procedure; and 5) setting interest and penalties an administrator can collect from a holder that fails to report, ...