News

Pa.'s new unclaimed property rules produce $210M windfall

Written by The Associated Press | May 7, 2015 11:45 AM
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(Harrisburg) -- A change in Pennsylvania's rules for handling unclaimed property is good news for state budget writers.

The Treasury Department says the change will generate a one-time windfall of about $210 million for the budget that begins July 1.

Last year, the Legislature reduced the period in which banks, insurance companies and other entities may keep unclaimed property such as abandoned bank accounts, stocks and safe deposit boxes. The change from five years to three years took effect last week.

As a result, more property than usual was turned over to the state, which by law may spend most of that money until the lawful owner of the property claims it.

The amount available next year was originally projected at $318 million. It's now expected to be $528 million.

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