Companies are particularly susceptible to significant unclaimed property exposure in Delaware because holders of property with an unknown owner address generally must remit such property to their state of incorporation – which often times is Delaware. Since holders have potential exposure to report property back to 1981, Delaware’s current VDA program offers companies an opportunity to decrease their unclaimed property exposure by limiting their lookback of liability. For taxpayers to enjoy the most generous benefits of the VDA program, they must submit a notice of intent with the state by June 30, 2014.
S.B. 228 was introduced on May 16, 2014. The bill would extend the June 30, 2014 due date to September 30, 2014. [Delaware Senate Bill 228]