Washington Modifies Unclaimed Property Law

Washington is making several payroll-related changes to its unclaimed property law under a bill that will begin to go into effect on July 27.

SB 5316 increases the abandonment period for employee reimbursements to three years after they become payable to employees. The abandonment period is the length of time that property is unclaimed before it must be reported to the state revenue department.

Currently, the abandonment period for employee reimbursements is one year after the amount becomes payable, which is the same period for employee wages, commissions, and bonuses.

Before reporting unclaimed amounts, such as wages or reimbursements, the ...