Ohio taxpayers could reclaim their money easier under proposed law - The Highland County Press

The Center Square
https://www.thecentersquare.com/

It soon may be easier for Ohio taxpayers to reclaim their own money if legislation that recently passed the House gets through the Senate.

Rep. Derek Merrin, R-Monclova, said about $3.2 billion in unclaimed funds sit in almost 16 million accounts, including bank accounts, utility deposits, undelivered stocks or uncashed insurance policies.

Merrin said the proposed law, House Bill 348, simplifies the process for taxpayers to recover those funds, fixes bureaucratic obstacles and streamlines the reporting process for businesses.

“We are making it easier for people to access and locate their unclaimed funds,” Merrin said. “The bill lightens the burden on businesses from a reporting standpoint and ensures the state properly invests unclaimed funds while holding funds. It modernizes the unclaimed funds statute, which has been neglected for decades.”

Descendants would be able to claim funds without opening estates through probate, and an online platform would be created to both report and redeem money.

The bill also would require governments to share information to help locate Ohioans and connect them with their money, and the Unclaimed Fund Division would have to work with the state treasurer to development investment plans to increase investment returns.

Businesses holding unclaimed funds would be required to forward the funds to the Department of Commerce within six months. Merrin said, $1 billion is not in the state’s possession, which he said adds to the state’s administration issues regarding unclaimed funds.

There must be at least $25 for properties to qualify as an unclaimed fund.

source: https://highlandcountypress.com/Content/In-The-News/In-The-News/Article/Ohio-taxpayers-could-reclaim-their-money-easier-under-proposed-law/2/20/74628

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