First-term State Rep. Rocky Miller (R-124) continues to have an impact on the state as another of his bills ― this one relating to unclaimed property ― has been signed by Gov. Jay Nixon.

First-term State Rep. Rocky Miller (R-124) continues to have an impact on the state as another of his bills ― this one relating to unclaimed property ― has been signed by Gov. Jay Nixon.

House Bill 1075, among other things, reduces from five years to three years the length of time certain unclaimed property can be held before it is considered abandoned and thus becomes property of the state.

“This bill alters what can be considered abandoned property during an audit of a business by the state,” he explained. “It also puts in place an appeal process for these audits similar to a tax appeal. It also changes the time period for unclaimed property within these audits down from five to three years.”

Miller worked with the Missouri Chamber of Commerce and the Missouri Treasure's office to write this legislation.

“It should result in a better business environment for Missouri,” he said. 

The bill also specifies that any outstanding check, draft, credit balance, customer’s overpayment or unidentified remittance issued to a business entity or association as part of a commercial transaction cannot be presumed abandoned if the holder and the business have an ongoing business relationship.

"I am honored to have another bill signed into law this year,” Miller said. “I was fortunate to have a utilities bill signed last year and the bill language from several other pieces of legislation I filed this year has also been recently signed into law."

Miller said in its latest grading of states, the Council of State Taxation gave Missouri a low grade when it comes to taxation on businesses.

State Treasurer Clint Zweifel’s office is holding almost $810 million in unclaimed assets in more than 4.7 million owner accounts. The average return is $300 and 1 in 10 Missourians has unclaimed property.

Other provisions include:

•A United States Savings Bond in the possession of the state treasurer or with its owner whose last known address was in Missouri would be considered abandoned after it has been unclaimed for three years after its maturity date. After 180 days after the bonds become the property of the state, the state treasurer must bring a court action to confirm that the bonds are to revert to the state.

•Beginning Jan. 1, 2015, the abandonment period for a payroll check is reduced from five to three years.

•Business credits between two business entities are not subject to the Unclaimed Property Act.

•The state treasurer cannot enforce the provisions of the Unclaimed Property Act to lost and unclaimed property for more than three years after the holder of the property has filed a report with the state treasurer or has given notice of a dispute to the treasurer

To see the full language of the bill, go to the House webpage at www.house.mo.gov.