D.C. Code § 41-152.03

Current through codified emergency legislation effective July 18, 2024

Section 41-152.03 - When other tax-deferred account presumed abandoned

Subject to section 7014 and except for property described in section 7006 and property held in a plan described in section 529 A of the Internal Revenue Code of 1986, approved December 19, 2014 (128 Stat. 4056; 26 U.S.C. § 529A ), property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income-tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earlier of:

(1) The date, if determinable by the holder, specified in the income-tax laws and regulations of the United States by which distribution of the property must begin to avoid a tax penalty, with no distribution having been made; or

(2) 30 years after the date the account was opened.

D.C. Code § 41-152.03

Added by D.C. Law 24-45,§ VII-A-7007, 68 DCR 010163, eff. 11/13/2021.