TO: | Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means |
FROM: | John S O'Brien, Director, Legislative Budget Board |
IN RE: | HB257 by Hilderbran (Relating to the periods for presumed abandonment of certain unclaimed personal property.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2012 | $0 |
2013 | $78,000,000 |
2014 | $0 |
2015 | $0 |
2016 | $0 |
Fiscal Year | Probable Revenue Gain/(Loss) from General Revenue Fund 1 |
---|---|
2012 | $0 |
2013 | $78,000,000 |
2014 | $0 |
2015 | $0 |
2016 | $0 |
The bill would implement the recommendation in the report, "Reduce the Unclaimed Property Dormancy Period for Certain Property Types" in the Legislative Budget Board's Government Effectiveness and Efficiency Report, submitted to the Eighty-second Texas Legislature, 2011.
The bill would decrease the unclaimed property dormancy period for utility deposits from three years to one year; money orders from seven years to three years; and bank deposits, savings accounts, and matured certificates of deposits from five years to three years. The bill would take effect September 1, 2011.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, KK, JI, RN
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