Unclaimed Property Refunds Sock State Budget - NBC Connecticut

Unclaimed Property Refunds Sock State Budget

    Winter Olympics PyeongChang 2018 Medal Count
    Country
    Total
    1
    Norway
    13121035
    2
    Germany
    137525
    3
    Canada
    97824
    processing...

    NEWSLETTERS

    10 Ways to be Heart-Smart This National Heart Month
    AP
    How much of this do you need before you retire. (AP Photo/Isaac Brekken)

    Offer people free money in a tight economy and they’re going to take it.

    In Connecticut's case, so many people cashed in on unclaimed-property that there’s an estimated $18 million deficit in the state budget, State Comptroller Nancy Wyman said.

    “The number of people filing for unclaimed-property refunds has exploded and the payouts are far exceeding projections,” Wyman said.

    The state usually pays $25 million to $30 million in refunds per year. In just the first five months of this fiscal year, the state has already refunded more than $25 million.

    Wyman, the state comptroller and lieutenant-governor elect, said the refunds are offsetting “relatively healthy growth of the income and sales taxes.”
     

    To find out if you have have unclaimed property, check the CT Big List.