Great news! Last week, State Senator Jack Brandenburg introduced Senate Bill 538 to further improve administration of Michigan’s Unclaimed Property Act (also known as Escheats.) Michigan Chamber members have routinely said that compliance with this arcane law, and the disputes surrounding audits, is a significant cost to doing business. The Chamber’s Tax Policy Committee has successfully focused over the years on implementing an informal appeals process, and narrowing the types of property that are subject to audit and escheat.
Senate Bill 538 provides Michigan companies the opportunity for an expedited audit, a shortened statute of limitations, further narrowing of auditable items, and the bill would apply to current audits. It also puts in place a de minimis threshold of $50 for all holders of property. The Michigan Chamber supports this legislation and will be actively working for its passage.
For questions on this bill or other tax-related issues, please contact Tricia Kinley at email@example.com.