Delaware Senate Passes Unclaimed Property Reform Legislation

Overview


Diann Smith said regarding the reduced audit lookback period in amendments to Delaware’s unclaimed property laws, “The limitation to a 22-year lookback is better than going back to 1981 or 1986, but it is still out of step with the rest of the country. It’s better than what Delaware has had, but it’s still not great. » Ms. Smith explained that the 22-year period creates burdensome record-keeping requirements, since many companies keep tax-related records for only a standard seven years.