Document dated Apr. 8, 2025, was received on May 16, 2025 due to a fixed feed.
Bill Provisions
Clarification on the abandonment period and reporting procedures for prearrangement funeral service contracts trusts, and modifying holder reporting requirements.
Amendments on reporting procedures and notification requirements for holders of unclaimed property; and provides the necessary procedures and provisions.
Specifically, for the Department of Revenue to issue refunds to businesses for overpaid property, interest, and penalties, in addition to clarifications to definitions and terms.
Legislative History
On Jan. 16, 2025, bill introduced in Senate; on Feb. 25, 2025, bill passed in Senate.
On Feb. 27, 2025, bill introduced in House; on Mar. 31, 2025, bill passed in House.
On Apr. 3, 2025, bill sent to governor; on Apr. 8, 2025, bill signed, became Ch. 29.
Effectiveness
Chapter 29 becomes effective on Jul. 27, 2025, except Sections 3 through 7, 14 through 17, and 20 through 23 become retroactively effective as of Jan. 1, 2023.
Futher, Sections 8 through 12 of this act become effective on Jan. 1, 2026.
