Thursday, March 15, 2018

Urgent: Let Your State Senator Know that Unclaimed Property Changes Hurt the Common School Fund!

Contact your state Senator and ask them to remove changes to the unclaimed property program from Assembly Bill 773/Senate Bill 645. As drafted, these bills substantially weaken the Department of Revenue’s (DOR) ability to conduct third-party audits related to unclaimed property. The proceeds from these audits go to the Common School Fund.

The Senate plans to vote on this bill on March 20. 

The Assembly adopted an amendment to AB 773 and while it improves the bill it does not fix the issue. Even with the Assembly’s amendment:

·       DOR could not contract with anyone on a contingent fee basis to audit entities domiciled in the State of Wisconsin. This would lead to lost revenue.

·       Without adequate enforcement options, DOR would not be able to effectively do its job as the Administrator of the Unclaimed Property Program. Less money would be identified and returned to rightful owners and less money would go to the common school fund.

·       There are no examples of Wisconsin companies being subjected to unfair audits by a third-party auditor hired by DOR on a contingent fee basis.

Contact your State Senator and ask them to remove the unclaimed property changes from AB 773/SB 645 because they would hurt the Common School Fund. Let them know that BCPL, which administers the Common School Fund, voted to oppose this change because it would hurt school  libraries. Find out who represents you here: (click on “Who Are My Legislators?”)

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