Iowa Offers Amnesty Program for Unclaimed Property

Iowa is offering a limited time amnesty program that will allow holders to report late property without interest or penalties. Holders will need to complete a "Petition for Amnesty Assessment of Late Reporting Interest & Penalties" before reporting on November 1, 2012. This amnesty program does not include any extension of time to report property.

In 2011, Iowa said that they collected $20 million from 4,600 organizations. Iowa is offering this program to encourage holders to voluntarily comply with the state's unclaimed property laws.

Holders are required to review their records annually for potential unclaimed property. However, if there remains unreported property this would be a good time to complete the reporting process.

Iowa also announced that a full voluntary disclosure agreement program will be forthcoming later this year. Presumably, the requirements will be more stringent, but holders may gain additional time to complete a records review.