NEW YORK, July 8, 2011 /PRNewswire/ -- Ryan (www.ryan.com), a leading global tax services (http://www.ryan.com/Practice-Areas.aspx) firm with the largest indirect tax (http://www.ryan.com/Transaction-Tax.aspx) practice in North America, today announced that as part of New York's 2011-2012 budget, tax refunds in the form of state-issued debit cards will have a one-year life before New York considers the refund "abandoned property." If a taxpayer does not activate the tax refund debit card within one year of the date it was issued, the tax refund will be treated as abandoned property and paid to the New York State Comptroller ("Comptroller"). The lawful holder of the debit card may, upon submission of sufficient proof, claim the tax refund from the Comptroller. If state funds are available, the Comptroller will issue the claimed amount to the taxpayer. However, if state funds are not available, the Comptroller must include claim amounts for abandoned property in the next appropriations request by the Legislature. When the funds are subsequently available, the abandoned property claims will be paid (without interest).
Prior to passage of the 2011-2012 budget, New York law already provided that unpaid checks or drafts on state bank accounts are abandoned property after one year and no longer valid. The 2011-2012 budget amends relevant laws by adding debit cards issued for paying tax refunds to the items that may be treated as abandoned property and then subsequently claimed by a taxpayer.
2011-2012 New York State Budget (Laws of 2011, Chap. 61, Part U, Sections 19 and 20); N.Y. Aband. Prop. Law § 1315(4); N.Y. State Fin. Law § 102
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Ryan is a leading global tax services firm, with the largest indirect tax practice in North America and the seventh largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. In 2010, Ryan received the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the award-winning myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 900 professionals and associates serves many of the world's most prominent Fortune 1000 companies. More information about Ryan can be found at www.ryan.com.
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