News and Insights

California Governor Signs Unclaimed Property Voluntary Compliance Program Bill

Tax Development Sep 20, 2022


On September 13, 2022, California Governor Gavin Newsom signed A.B. 2280, establishing a voluntary disclosure program (“the program”) for qualified unclaimed property holders. As previously reported, this program would allow companies to become compliant without incurring a 12% per year interest assessment on the outstanding unclaimed property remittances. This is the first amnesty program for unclaimed property since 2000.

To be eligible for the program, holders of unclaimed property must comply with the following terms:

  • The holder cannot be a subject of an examination or cannot have received notice of an examination of unclaimed property,
  • The holder cannot be the subject of a civil or criminal examination related to compliance with the state’s unclaimed property statutes,
  • The holder cannot have had an interest assessment under unclaimed property statutes within the past five years that remains unpaid, and
  • The holder cannot have had an interest assessment waived by the Controller in the past five years.

It is important to note that recent changes in the law allow questions regarding unclaimed property compliance to be added to this year’s corporate income tax return, due November 15. The disclosure requires checking a box to confirm whether the company has reported and remitted unclaimed property to California.

Please reach out to our team of unclaimed property professionals if you need assistance in this area.


Mark A. Paolillo

Susan Han

Jeff Henshall

Christopher Jensen

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