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Indicates Matter Stricken
Indicates New Matter
Sponsors: Reps. Kirsh and Clark
Document Path: l:\council\bills\bbm\10754mm05.doc
Introduced in the House on March 29, 2005
Currently residing in the House Committee on Ways and Means
Summary: Unclaimed intangible property
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 3/29/2005 House Introduced and read first time HJ-14 3/29/2005 House Referred to Committee on Ways and Means HJ-15 4/20/2005 House Member(s) request name added as sponsor: Clark
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-54-270 SO AS TO PROVIDE THAT AN UNDELIVERABLE TAX REFUND CHECK IS UNCLAIMED PROPERTY PURSUANT TO THE UNIFORM UNCLAIMED PROPERTY ACT; TO AMEND SECTION 12-18-20, AS AMENDED, RELATING TO DEFINITIONS FOR PURPOSES OF THE UNCLAIMED PROPERTY ACT, SO AS TO INCLUDE AN UNDELIVERABLE TAX REFUND CHECK AS "INTANGIBLE PROPERTY"; TO AMEND SECTION 27-18-140, AS AMENDED, RELATING TO UNCLAIMED INTANGIBLE PROPERTY HELD FOR MORE THAN FIVE YEARS, SO AS TO PROVIDE THAT A MAILED TAX REFUND CHECK THAT IS RETURNED UNDELIVERABLE BY THE UNITED STATES POST OFFICE IS PRESUMED ABANDONED IF UNCLAIMED AFTER THREE MONTHS OF ITS ISSUE; TO AMEND SECTION 27-18-180, AS AMENDED, RELATING TO REPORTING OF UNCLAIMED PROPERTY, SO AS TO EXEMPT THE REPORT OF AN UNDELIVERABLE TAX REFUND CHECK FROM THE PROHIBITION OF CERTAIN DISCLOSURES BY THE DEPARTMENT OF REVENUE; AND TO REPEAL SECTION 12-6-5560, RELATING TO RETURNED AND UNCLAIMED TAX REFUND CHECKS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 54 of Title 12 of the 1976 Code is amended by adding:
"Section 12-54-270. A tax refund check that is returned to the Department of Revenue for an unknown, undeliverable, or insufficient address is unclaimed property pursuant to the provisions of Chapter 18 of Title 27, the Uniform Unclaimed Property Act."
SECTION 2. Section 27-18-20(10), of the 1976 Code, as last amended by Act 43 of 2001, is further amended to read:
"(10) 'Intangible property' includes:
(a) monies, checks, drafts, deposits, interest, dividends, and income;
(b) credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances except that intangible property does not include trading stamps and electronic entries representing trading stamps
which that are awarded to retail customers incident to the purchase of goods;
(c) stocks and other intangible ownership interests in business associations;
(d) monies deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;
(e) amounts due and payable under the terms of insurance policies;
(f) amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits; and
(g) tax refund checks issued by this State and returned to the Department of Revenue by the Post Office for an unknown, undeliverable, or insufficient address."
SECTION 3. Section 27-18-140 of the 1976 Code, as last amended by Act 264 of 1992, is further amended to read:
"Section 27-18-140. (A) Intangible property held for the owner by a court, state, or other government, governmental subdivision or agency, public corporation, or public authority which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned.
(B) Notwithstanding the provisions of subsection (A), tax refund checks as defined in Chapter 54 of Title 12 are presumed abandoned if unclaimed for a period of three months from the date the tax refund check was issued by the Department of Revenue.
(C) This chapter does not apply to tax refund checks mailed to an owner, and not presented for payment, but not returned to the Department of Revenue by the Post Office for an unknown, undeliverable, or insufficient address."
SECTION 4. Section 27-18-180(A) of the 1976 Code is amended to read:
"(A) A person holding
property tangible or intangible property, that is presumed abandoned and subject to custody as unclaimed property under pursuant to this chapter, shall report to the administrator concerning the property as provided in this section. The action taken to report an unclaimed tax refund check to the administrator is not a violation of disclosure prohibitions described in Section 12-54-240."
SECTION 5. Section 12-6-5560 of the 1976 Code is repealed.
SECTION 6. This act takes effect upon approval by the Governor.
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