California Code of Civil Procedure 1577.5 authorizing the California State Controller’s office to establish the California Voluntary Compliance Program (VCP) is effective as of January 1, 2023. The controller initiated the VCP during the 2023 report year.
The VCP allows unclaimed property holders that haven’t completed timely unclaimed property reports to waive interest assessments on past-due unclaimed property reports. A holder may submit a form to express an interest in participating in the VCP on the California State Controller site to receive an application.
Eligible holders enrolling in the VCP will be required to complete the following steps:
A holder isn’t eligible for the program if, due to a failure to report unclaimed property, they:
Applicants should keep in mind the following dates for eligibility and compliance purposes:
For more information about the implications unclaimed property could have for your business, or if you have questions about State & Local Taxes, contact your Moss Adams professional.