The Michigan unclaimed property report is due July 3, 2017, for property reaching its dormancy period as of March 31, 2017. The Treasury Department is strongly encouraging businesses to file a zero or negative report for March 31, 2017, though it is not required. Beginning in 2018, all entities registered to do business in the State of Michigan with nothing to report will be required to submit negative reports.
Michigan Form 2011 should be used to file a zero or negative report. Forms 2011 and 1223 should be used to transmit unclaimed assets.
Dormancy periods for common items:
- Payroll checks – 1 year
- Vendor checks – 3 years
- Customer overpayments – 3 years
- Pension checks – 3 years
The following property types are not required to be turned over as unclaimed property.
- Property with a value of $25 or less, with the exception of dividends or stock related items
- Wages of $50 or less
- Gift certificates, cards or credit memos which do not expire in less than 5 years and do not charge inactivity fees
There is also a voluntary disclosure program to allow businesses that desire to become compliant under the law to do so without penalty.
Contact us at 989-772-1209 and/or visit www.michigan.gov/unclaimedproperty for more details.