Pending Legislation Would Create a Three-Year Voluntary Disclosure Opportunity for Holders, Managed by the Secretary of State, Featuring Shorter Look-Back Periods
On June 14, 2012, legislation drafted and supported by the administration of Delaware Governor Jack Markell which would implement significant changes to Delaware’s unclaimed property program was introduced in the Delaware General Assembly. Senate Bill 258, which is sponsored by Senate President Pro Tem Anthony J. DeLuca and House Speaker Robert F. Gilligan, would establish a three-year window for holders to enter into voluntary disclosure agreements (“VDA”) with the Secretary of State. The primary advantage for holders participating in the proposed program would be the ability to report less property, due to shorter “look-back” periods that will be allowed only for the limited period between July 1, 2012 and June 30, 2015. With the legislative session ending June 30, 2012, the bill will have to pass both the House and Senate by then to become effective. Passage of the bill is expected. Attorneys from Morris Nichols were consulted and provided input regarding the legislation.
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