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Illinois Landmark Unclaimed Property Law Requires Businesses In and Out of State to Take Action

May 22, 2018
2:00 PM to 3:30 PM EST

Megan Williams
  • Summary
  • Recording
With a multi-billion dollar pension crisis on hand, Illinois seeks to use unclaimed property to be a funder to pension obligations. Accordingly, Illinois has stepped out as one of the initial adopters of ULC RUUPA with certain modifications. The new law creates a "taxing effect" on holders who in many cases did not have obligations reportable to the state under the old law. But now, these holders have reporting obligations as a result of the retroactive elimination of the business to business exemption coupled with other transitional provisions. Join BDO’s SALT practice and HMB Law for a must see and hear webinar on Illinois updates.
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