The California legislature passed a bill on 17 August authorising the Controller to establish a voluntary compliance programme (VCP) for eligible unclaimed property holders. The proposal directs the Comptroller to waive the 12% interest imposition if a holder participates in the programme and completes all the VCP requirements. The bill will be sent to Governor Gavin Newsom (D) for his consideration.
Companies that have not filed unclaimed property reports historically or have gaps in their filing history have an opportunity with the VCP to come into compliance without paying interest. However, holders are ineligible for the VCP if they are under examination for unclaimed property compliance or have been notified of an impending examination.