Wisconsin Statutes 177.0505 – Tax return identification of apparent owners
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 177.0505
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Preceding: when used by way of reference to any statute section, means the section next preceding that in which the reference is made. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) Annually, before July 1, the administrator shall determine if either of the following applies to any apparent owner of abandoned property under s. 177.0503:
(a) The apparent owner has filed a tax return in the 14 months preceding the determination.
(2) For any person who is identified in sub. (1) and who is not a debtor under sub. (1) (b), the administrator shall do the following:
(a) Deliver the property to the apparent owner, in the manner provided under s. 177.0903, without requiring the apparent owner to file a claim under s. 177.0903, if the value of the abandoned property is $2,000 or less.
(b) Send written notice to the person, informing the person that he or she is the owner of abandoned property held by the state and may file a claim with the administrator for return of the property under s. 177.0903, if the value of the abandoned property is over $2,000.
(3) For any person who is identified in sub. (1) and who is a debtor under sub. (1) (b), the administrator shall set off the abandoned property against the person’s debts under s. 71.93 or 71.935. If there is any remaining property after setoff, the administrator shall proceed under sub. (2) (a) or (b).
(4) Any property paid or delivered to a person under this section is subject to recovery by the administrator as provided in s. 177.1206 and this chapter.