Missouri House Bill 1075 introduced some changes to unclaimed property filing for the state. The change that has the biggest impact is that payroll checks, property type MS01, are now reportable after 3 years of dormancy. This was reduced from a 5 year dormancy period. This change is effective January 1, 2015.
What is the impact this will have on your Missouri filings in 2015?
Life insurance companies are due to report by May 1, 2015. With this report, you will want to include any payroll checks that were issued on or before 12/31/2011.
All other types of companies are due to report by November 1, 2015. With this report, you will want to include payroll checks that were issued on or before 6/30/2012.
The bill also introduces a new business exemption among other changes. Click
here to view the entire bill. If you are interested in applying the exemptions, make sure you read through all of the conditions that apply.
Author: Danielle Herring
Product Manager, UPExchange
Labels: UP Compliance
