Breaking News: Michigan Offering Unclaimed Property Amnesty in For A Short Time
A few months ago, Michigan made sweeping amendments to its unclaimed property laws. The new laws shortened the dormancy period for most property types from 5 years to 3 years. In addition, Michigan moved from a fall reporting state to a
spring summer state. This year’s report is due on or before July 1 of each year for the 12 month period ending on the immediately preceding March 31.
Now that they have your attention, Michigan is now offering a limited time voluntary disclosure program for holders who have never reported unclaimed property (or have underreported unclaimed property) to the state. Pursuant to the program, interested holders must enroll by January 31, 2012, and will have until July 1 to file a report for the current report year and the four previous report years. In return, the state will agree to waive the interest and penalties that may otherwise be assessed for the late reporting or remittance of property.
If you are a Michigan-incorporated entity, do a lot of business in Michigan, or simply want to turn over some undelivered property to the state, you may wish to consider the Michigan VDA.