Back From Vacation – Illinois Shortens Payroll Dormancy Periods
Escheatable is back from a short break, and we have (belated) news concerning Illinois’ Unclaimed Property Act. As we mentioned some time ago, the Illinois state legislature approved House Bill 1560. That bill was signed by the Governor and became law on August 8th.
Pursuant to that legislation, which takes effect immediately, “unclaimed wages, payroll, and salary, in any form, shall be reported after remaining unclaimed for one year.” Accordingly, this year’s Illinois unclaimed property reports will likely include 5 years worth of payroll.