SALT Report 2250 – The California Franchise Tax Board announced that the State Controller’s Interagency Intercept Program will now allow unclaimed property payments to be intercepted by cities and counties to pay delinquent debts.
The process will be initiated when an individual files an unclaimed assets request. Once the claim is verified, the Unclaimed Property Division of the Controller’s office will submit the individual’s name to the Program. If the individual has an intercept request from any state agency, university, city, or county, the FTB will seize the funds up to the amount of the debt and forward them to the requesting agency.
Once an intercept occurs, the Taxpayer Information System will send an intercept letter to the individual with the date and amount of the intercept, as well as contact information for the intercepting agency.
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