The Pennsylvania Department of Treasury has initiated an Unclaimed Property Holder Amnesty Program that will run through October 31, 2010 for businesses that have either missed the annual April 15th reporting deadline or have never filed or have gaps in their reporting history. As an incentive to enter the Amnesty Program, no penalties or interest will be assessed.
Simply stated, abandoned and unclaimed property is any asset that has become dormant for a given period of time (usually between 2-5 years depending on the asset type). An asset is dormant if there has been no contact with the owner over that given period of time.
Some examples of unclaimed property include bank accounts, uncashed payroll checks, accounts payable or receivable checks, credit balances, stocks and bonds, escrow accounts, gift cards or certificates that have expired, and insurance proceeds. In addition to intangible property, the Treasury also accepts a wide array of tangible personal property such as jewelry, musical instruments, and video games.
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