Texas changed their filing due date to July 1st. This became effective after 1/1/2013.
Companies need to file to Texas by July 1st even if they filed a report last fall.
The cut off for dormancy is 3/1/2013. Most of the Texas property types are reportable after 3 years. This means you will want to turn over unclaimed property with a date of 3/1/2010 and prior. Make sure to check dormancy requirements for the specific type of property you are reporting.
Texas does not require a negative report. If you have nothing to report, you do not need to file anything with Texas this year.
Michigan is also due by July 1st. Their cut off is 3/31/2013. Most Michigan property is reportable after 3 years so you’ll report property with a date of 3/31/2010. Michigan does have some 1 year property. Make sure to look at dormancy requirements for the specific type of property you are reporting.
Michigan goes a step further than not requiring a negative report. They actually request that companies not file a negative report. If you send one, it will not be processed. If you have no property to report this year, please do not file anything with Michigan.
Author: Danielle Herring
Product Manager, UPExchange
Labels: UP Compliance
