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S T A T E O F N E W Y O R K
________________________________________________________________________
8253
2025-2026 Regular Sessions
I N S E N A T E
May 27, 2025
___________
Introduced by Sen. BRISPORT -- (at request of the State Comptroller) --
read twice and ordered printed, and when printed to be committed to
the Committee on Finance
AN ACT to amend the abandoned property law, in relation to interest paid
on unclaimed spousal and child support payments
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Paragraph (a) of subdivision 1 of section 1405 of the aban-
2 doned property law, as amended by section 13 of part R of chapter 85 of
3 the laws of 2002, is amended to read as follows:
4 (a) Notwithstanding any other provision of law, no owner of abandoned
5 property shall be entitled to receive interest on account of such aban-
6 doned property from and after the date a payment of such abandoned prop-
7 erty is hereafter made to the state comptroller pursuant to this chapter
8 or any law relating to abandoned property, whether or not [he] SUCH
9 OWNER was entitled to interest on such property prior to such date,
10 except that interest at the overpayment rate set by the commissioner of
11 taxation and finance pursuant to subsection (j) of section six hundred
12 ninety-seven of the tax law, less one percentage point, shall accrue to
13 abandoned property hereafter paid to the state comptroller under the
14 following provisions of this chapter, for the first five years such
15 property is held by [him] THE STATE COMPTROLLER:
16 (i) paragraph (a) of subdivision one of section three hundred of this
17 chapter; or
18 (ii) subdivision one of section four hundred of this chapter; or
19 (iii) paragraph (a) of subdivision one of section six hundred of this
20 chapter; or
21 (iv) subdivision one of section ten hundred of this chapter; OR
22 (V) SECTION THIRTEEN HUNDRED EIGHTEEN OF THIS CHAPTER.
23 § 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06338-01-5