Unclaimed Property: Revenue Bonanza for US States
Originally published: May 2012
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Since the demise of the Build America Bonds program on December 31, 2010, US states facing budget shortfalls (at least 42 according to an April 2012 post in Forbes CIO Network blog) have not been receiving much help from Washington. This, together with the generally poor economy and resulting decrease in income from state taxes, has left many states desperate for additional revenue. In response, state governments are looking at their unclaimed property laws as a possible solution to budgetary woes.