South Dakota Governor Signs Law Revising Unclaimed Property Provisions

The South Dakota Governor March 14 signed a law revising unclaimed property provisions, for corporate income tax purposes. The law includes measures: 1) removing the obligation for the administrator to cover the costs of selling abandoned property, mailing and publication, service charges, or expenses for examining and collecting property from holders, from the unclaimed property trust fund; 2) removing the requirement for any expenditure other than unclaimed property claims that exceed the informational budget shall be approved by the Board of Finance; and 3) providing that operational expenses for unclaimed property, such as selling abandoned property, mailing, publication, service charges, ...