Nebraska Escheat & Unclaimed Property Laws

Nebraska, like many states, has a fall deadline for annual reporting and remittance. Reports and remittance are due before November 1 for the fiscal year ending the previous June 30. Life insurance corporations must file before May 1 for the year ending the previous December 31.

Requests for early reporting must be submitted in writing and the Treasury will only approve requests if the holder has performed all due diligence requirements. Negative reports are not required but are accepted and recorded.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Nebraska’s unclaimed property laws and regulations.

Nebraska Due Diligence Requirements

Nebraska requires holders to send due diligence notifications for any property with a value of $50 or more. Notifications to holders must be sent no more than 120 days before and no less than 60 days before the report is filed.

Each letter should be sent to the apparent owner at the last known address informing the owner that the holder is in possession of property subject to escheat to the State of Nebraska.

Nebraska Dormancy Periods

Dormancy periods in Nebraska vary by property type. Generally, most property types have a five-year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in Nebraska for common property types include:

• Wages, Payroll or Salary: One year
• Safety Deposit Box Contents: Three years
• Money Orders: Seven years

Confused or Overwhelmed? Need Answers?

Reporting unclaimed property in Nebraska and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.

Still confused or overwhelmed? Try the Sovos UP Compliance Hub 

Reporting unclaimed property in Nebraska, and other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.  

The Sovos UP Compliance Hub is a subscription-based service that includes access to multiple educational and operational resources. Sovos compliance experts continuously monitor and update these resources. Compliance Hub subscriptions can be customized to suit your company’s unique business needs and compliance objectives. Connect with the experts at Sovos today to learn more.