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2021 Wisconsin Act 87
New law gives unclaimed property holders through February 2023 to apply for a voluntary disclosure agreement.
Under new Wisconsin laws (2021 Wis. Act 87), all businesses, organizations and governmental units holding unclaimed property in Wisconsin are given the opportunity to apply for an Unclaimed Property Voluntary Disclosure Agreement (VDA) with the Wisconsin Department of Revenue (DOR). Unclaimed property holders can submit an application from Feb. 1, 2022, through Feb. 28, 2023, by following these three steps: 1. Go to DOR’s Unclaimed Property page at revenue.wi.gov/UCP. 2. Under the Holder section, select the Voluntary Disclosure Agreement Application link. 3. Complete and submit the Voluntary Disclosure Agreement application. Unclaimed property specialists are available to help: • Through online live chat on DOR’s Unclaimed Property page at revenue.wi.gov/UCP • By email at DORWIHolderReports@wisconsin.gov • By phone at (608) 264-4594
Program details
The voluntary disclosure program: • Increases awareness of requirements to report unclaimed property to DOR. • Helps unclaimed property holders come into compliance with the law by reporting unclaimed property to DOR without late filing fees and penalties. The property holder must follow requirements under the completed agreement by: 1. First attempting to locate the property owner within 30 days.
2. Submitting a holder report and remitting unclaimed property within 120 days. 3. Continuing to report and deliver for at least the next four reporting periods.
Who must report unclaimed property?
In general, any business, organization or governmental unit that holds property or money unclaimed by the owner for a period specified by law must report and deliver that property to DOR if they are unable to contact the owner. Common unclaimed property holders include: • Banks • Businesses • Credit unions • Governments • Insurers • Mutual funds • Savings institutions • Security brokerages • Utilities
What is unclaimed property?
Unclaimed property is generally any financial asset belonging to another person. Common unclaimed property types: • Annuities • Bonds • Checks • Certificates of deposit • Checking or savings accounts • Customer overpayments • Insurance payments or refunds • Life insurance policies • Money orders • Mutual funds • Refunds • Safe deposit box content • Stocks • Unclaimed loan collateral • Uncashed payroll checks • Utility security deposits The Unclaimed Property Holder Report Guide has a list of properties and the periods that must pass before unclaimed property is reportable to DOR.
Connecting owners with property
If a holder cannot locate the abandoned property owner, the unclaimed property program requires the holder to deliver the property to DOR. The DOR has the following tools to help find owners: • A searchable database of property and owners • Advertisements online and in newspapers • Auto-matching program that unites unclaimed property holder report information to DOR tax and other available information. Many properties are paid to owners without submitting a claim.
DOR top-ranked in property returns
The DOR is efficient at locating and returning property to rightful owners. Notable statistics include: • Successfully returning 65% of properties received to owners • Returning $67 million in property to owners between 2019 and 2020
Helping Wisconsin
The DOR has the technology and tools to reunite owners with their property, but the agency can do so only if the property is reported and delivered to them. Getting these properties to DOR so they may be returned to their rightful owners will further strengthen the economy and help families, communities and businesses grow stronger as Wisconsin continues to recover from the pandemic.
Helping holders
Reporting and delivering unclaimed property to DOR is in the holder’s best interest. Businesses can get the property and debts off their financial records and focus more time doing what they do best — running their business.
