Senate Bill 258, signed on July 11, 2012, establishes a Voluntary Disclosure Agreement (VDA) program, which may allow holders of unclaimed property to limit their lookback to 1993 or 1996.
The Delaware Department of Finance has adopted a regulation clarifying the lookback period of liability for companies currently under audit and for companies that are subsequently audited. The regulation formalizes the state's 1981 lookback period for audits commencing on or after December 1, 2012. Accordingly, unclaimed property holders may consider participating in the state's VDA program to limit their lookback liability before an examination triggers an exposure going back to 1981. [16 DE Reg. 530 (11/1/12 final, effective 12/1/12)]
