NY Introduces Bill with Guidelines for Virtual Reporting

Danielle Herring
June 21, 2021

NY AB 7742 was introduced on May 21, 2021. Click here to read a copy of the bill.

This proposed legislation is significant because it defines virtual currency and provides guidelines for reporting. A dormancy period of 3 years will be used. The state would be able to accept the currency in native units so that the holder would not be required to sell or convert virtual currency prior to delivery to the state.

If enacted, the bill gives the comptroller authority to form rules and regulations around when electronic contact shall constitute ‘written contact’ for the tolling of dormancy periods.

Another significant change is a new dormancy trigger, death of an owner, applicable across all property types. As written, contact after death would not toll the dormancy period.

We will continue to track this bill and, if enacted, we will be sure to update our systems accordingly.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.


Danielle Herring

In her role as compliance manager for unclaimed property reporting, Danielle Herring oversees support of the product, researches changes in state unclaimed property laws so the system is updated to comply with them, and tests changes to the system before they are released. Danielle also completes some report and letter processing for current clients, assists with their direct support, provides customer training, and helps with troubleshooting and questions about using the product. Outside of work, Danielle loves to garden and is a master gardener.
Share This Post