Feigenholtz law to speed up the return of unclaimed property to rightful owners

SPRINGFIELD – State Senator Sara Feigenholtz teamed up with Treasurer Michael Frerichs to fine-tune Illinois’ unclaimed property law to get tax refunds and gifts made through wills into the hands of their rightful owners and heirs.

“Speeding up the process of reuniting unclaimed property and bequests to rightful heirs is the primary focus of the popular ICASH program at the Treasurer’s Office,” said Feigenholtz (D-Chicago). “With these new changes, people across the state can recover their property tax refunds and other property they may be owed.”

An initiative of the Treasurer’s Office, the measure synchronizes Illinois’ unclaimed property process. It protects retirement funds from being deemed abandoned, ensures the treasurer holds the unclaimed property until the rightful owner is found, enhances outreach, and helps reunite taxpayers with unclaimed property tax refunds.

“These efforts will help us keep up with the times and simplify the process so people can easily get what’s owed to them,” Feigenholtz added. “We must protect taxpayer property until it’s in the owner’s hands.”

House Bill 2224 was signed into law Friday and takes effect immediately.