LEGISLATIVE BUDGET BOARD
Austin, Texas
 
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
 
April 7, 2011

TO:
Honorable Joe Deshotel, Chair, House Committee on Business & Industry
 
FROM:
John S O'Brien, Director, Legislative Budget Board
 
IN RE:
HB1764 by Harper-Brown (Relating to the periods for presumed abandonment of certain unclaimed personal property.), As Introduced



Estimated Two-year Net Impact to General Revenue Related Funds for HB1764, As Introduced: a positive impact of $78,000,000 through the biennium ending August 31, 2013.



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

Fiscal Analysis

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. 


Methodology

The Comptroller based its estimated gain on data gathered from its files for the three property types outlined in the bill.  The agency's estimate reflects a one-time gain of $78 million in fiscal 2013.

Local Government Impact

No fiscal implication to units of local government is anticipated.


Source Agencies:
304 Comptroller of Public Accounts
LBB Staff:
JOB, AG, JI, RN, KK