TO: | Honorable Jim Keffer, Chair, House Committee on Economic Development |
FROM: | John Keel, Director, Legislative Budget Board |
IN RE: | HB826 by Davis, Yvonne (Relating to the disposition of certain unclaimed wage payments.), As Introduced |
This bill would amend statute relating to certain unclaimed wage payments by changing the abandonment period of unclaimed wage payments.
This bill would take affect September 1, 2003.
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2004 | $0 |
2005 | $1,523,000 |
2006 | $0 |
2007 | $0 |
2008 | $0 |
Fiscal Year | Probable Revenue Gain/(Loss) fromGENERAL REVENUE FUND 1 |
---|---|
2004 | $0 |
2005 | $1,523,000 |
2006 | $0 |
2007 | $0 |
2008 | $0 |
The bill would reduce the dormancy period for wages less than or equal to $100 to six months and those greater than $100 to three years. All unclaimed wages must be remitted to the Comptroller of Public Accounts and deposited in the General Revenue Fund. In addition, the bill would require the Texas Workforce Commission to notify employers of the requirements of the bill.
According to the Comptroller of Public Accounts, the estimated gain to Fund 0001 is based on a three-year average less estimated claims and calculating a six-month factor of the amount of wages less than or equal to $100. That figure totals $1,523,000 and would be a one-time gain to the General Revenue Fund in fiscal year 2005.
Administrative costs associated with this bill would not be a significant cost to the Comptroller of Public Accounts or the Texas Workforce Commission. This analysis assumes that those costs can be absorbed into current appropriations for the agencies.
Source Agencies: | 304 Comptroller of Public Accounts, 320 Texas Workforce Commission
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LBB Staff: | JK, JO, JRO, MS, JM
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