BUSINESS EXPERTise: Finance/Tax

Pennsylvania Chamber of Business & Industry: Catalyst

Q: Is it true that Delaware (a) has a right to unclaimed property held by a company legally domiciled but not doing business in Delaware and (b) has an attractive voluntary disclosure program that expires on June 30th?

A: Yes, as further explained below:

a) A Delaware-formed company that has no Delaware operations may be required to remit unclaimed property (UP) to Delaware.

b) Under a Voluntary Disclosure Agreement (VDA) Program administered by the Delaware Secretary of State (SOS VDA Program), an eligible company which applies by June 30, 2013 will have its UP look-back period shortened by 15 years and all penalties and interest waived.

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