Nebraska extends amnesty on unclaimed property
Nebraska State Treasurer Ron Ross has decided to extend the amnesty program on unclaimed property. This is the second such extension he has implemented.
Ross announced an extension of the proven highly successful 2006 Amnesty Program. This program offers amnesty from penalties and interest to Nebraska businesses that voluntarily report unclaimed property. The Nebraska Restaurant Association and the Nebraska Retail Federation had requested the extension due to their concerns that without an extension LB 173, effective November 2, 2006, would be confusing to their members.
What is LB 173? It is a regulation that changes reporting requirements relating to gift cards and gift certificates. Ross has been working with businesses to provide clear understanding of the recent Nebraska legislation regarding gift cards and certificates. The result being a better understanding of obligations under the new law.
In February 2006 it was announced that there would be an extension until June 30, 2006. The reaction to that extension was extremely favorable. It was successful in encouraging businesses to come into compliance with unclaimed property laws. With the businesses being in compliance the result was a huge increase in the amount of claims the state was able to pay to rightful owners.
With the newest extension, businesses that should have reported unclaimed property to the State Treasurer in prior years will be forgiven of penalties and interest if they report and deliver the property by November 1, 2006.
To find out more information about Nebraska unclaimed property laws log on to the State Treasurer Web site at www.treasurer.org. To find out if you have money owed to you in any state log on to www.CashUnclaimed.com.
