New, Sensible Approach Uses Technology to Identify Unclaimed Property Owners Based on Recent Tax Filings

The State’s MONEY MATCH program automatically returns lost money to Delaware taxpayers without the usual need to file a claim or gather paperwork, Delaware State Escheator, Brenda Mayrack announced today. This is the second time Delaware has completed the Money Match program. In February 2021, Delaware mailed checks to more than 19,000 people, returning over $3 million back to its rightful owners. In September 2021, Delaware will be mailing checks to over 6,500 additional people, and returning over $900,000 back to its rightful owners. 

“We developed MONEY MATCH to make it as easy as possible for many Delaware taxpayers to get their missing money back in their pockets where it belongs,” said Brenda Mayrack. “After the challenges of the last eighteen months, we know many Delaware families benefit greatly when they can recover their unclaimed property automatically, based on their most recent state tax filing.”

MONEY MATCH matches the state’s unclaimed property database with verified address and taxpayer information so that money can be returned it its rightful owners automatically and without requiring the filing of a claim and supporting documentation. In many cases, individuals might not be aware they were missing unclaimed property until the check arrives in the mail.

More information about MONEY MATCH is available at https://unclaimedproperty.delaware.gov/app/claim/money-match.

Unclaimed property can include money left in old bank accounts, uncashed paychecks, unused balances on gift certificates, unreturned utility deposits, uncollected insurance payments, and forgotten stocks and dividends. Businesses are required to turn over these amounts to States after a certain number of years if contact is lost between the holder of the property and the property owner.

While MONEY MATCH automatically reunites many Delaware taxpayers with their unclaimed property, all Delawareans are still encouraged to visit unclaimedproperty.delaware.gov to see if the State is holding their unclaimed property.

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The State of Delaware has once again received the highest possible AAA rating from three of the nation’s top rating services, confirming the State’s stable economic outlook for the coming year. The latest round of rating reviews from Fitch, Moody’s and S&P Global Ratings precede the upcoming competitive bid bond sale, intended to fund the State’s ongoing capital program as well as re-funding previous bonds for debt service savings. The sale is scheduled to be held on April 14, 2021.

The rating is assigned based on criteria that include trends in the state’s economy, financial performance and management, overall debt load, and long-term costs. The highest rating, Triple-A, is granted to states that are best able to meet debt obligations during periods of recession or fiscal stress. The higher a state’s credit rating, the lower its cost to repay bonds.

“I want to thank State employees and the General Assembly,” said Governor John Carney. “Our commitment to responsibly managing the state’s spending has provided the financial resilience needed for Delaware to weather the COVID emergency. The continuing strong support of our President and Congressional delegation combined with the resiliency of all Delawareans and our business community will ensure we emerge from this pandemic stronger than ever.”

All three rating reports note the importance of the state’s conservative budget practices, the maintenance of financial reserves, and a proactive approach to tracking and forecasting revenues and expenditures throughout the year. Fitch states that Delaware has “exceptional financial resilience from strong financial management,” which has allowed the state to weather the current COVID-19 pandemic while keeping a stable economic outlook.

S&P notes that “The state continues to see business growth despite the pandemic, including Barclays expanding its U.S. headquarters presence, Goldman Sachs adding a new consumer banking facility, Amazon completing four new facilities, and Incyte (a biopharmaceutical company) adding 400 more jobs.”

Moody’s reports that “Lower business costs and cost of living relative to neighboring states could continue to attract new residents as certain economic sectors have the potential to expand.”

“Thanks to a lot of hard work and the forethought of Governor Carney and his financial team, Delaware is positioned very well,” Treasurer Colleen Davis said. “Strong fiscal controls combined with my office’s handling of cash and investments instill continued confidence that allows the State to maintain its Triple-A bond rating.”

“Delaware’s Triple-A rating continues to save taxpayers millions of dollars through lower interest and financing costs,” stated Finance Secretary Rick Geisenberger. “As state and local governments around the nation wrestle with the fiscal strain of this pandemic, the re-affirmation of Delaware’s bond ratings is a testament to the State’s long-term commitment to economic and financial sustainability.”

The deadline for Delaware taxpayers to file and pay their 2020 personal income tax returns to both federal and state governments has been extended from April 15 to May 17. This extension does not apply to estimated tax payments made quarterly by individuals – those payments will still be due by April 30, 2021. Additionally, the deadline extension does not provide apply to corporate or fiduciary income tax returns.

Under Delaware law, the Director of the Division of Revenue has the ability to grant reasonable extensions of time for the payment of any tax or estimated tax when deemed appropriate. Considering the effects of the pandemic, Revenue Director Jennifer Noel has determined that it is appropriate to grant extensions similar to those recently granted by the Internal Revenue Service. Details are outlined in a new Tax Information Memorandum (TIM 2021-3) available on the agency website (https://revenue.delaware.gov).

As always, the Division of Revenue encourages taxpayers to file as soon as possible, once they have the necessary information required to do so. The payment deadline of May 17, 2021 will not be further extended, so taxpayers should note that penalties and interest on underpayments will be calculated from that date, even if you request additional time to file.

For more information, please call (302) 856-5358 or email DOR_PublicService@delaware.gov.

New, Sensible Approach Uses Technology to Identify Unclaimed Property Owners Based on Recent Tax Filings

The State’s new MONEY MATCH program will automatically return lost money to Delaware taxpayers without the usual need to file a claim or gather paperwork, Delaware State Escheator, Brenda Mayrack announced today. Delaware is mailing checks to more than 19,000 people, returning over $3 million back to its rightful owners.

“We’re continuing to look for ways to create better and more efficient services for Delawareans across state government,” said Governor John Carney. “This program is a commonsense solution to get money back to the appropriate owners. Thank you to the Department of Finance and the Office of Unclaimed Property for improving this process.”

“We developed MONEY MATCH to make it as easy as possible for many Delaware taxpayers to get their missing money back in their pockets where it belongs,” said Brenda Mayrack. “Many families struggle to meet their expenses each month. This money can help them buy groceries, put gas in their car, or be saved in a ‘rainy day’ fund.”

MONEY MATCH matches the state’s unclaimed property database with verified address and taxpayer information so that money can be returned it its rightful owners automatically and without requiring the filing of a claim and supporting documentation. Delaware becomes the 7th state to implement a similar system. In many cases, individuals might not be aware they were missing unclaimed property until the check arrives in the mail.

More information about MONEY MATCH is available at https://unclaimedproperty.delaware.gov/app/claim/money-match.

Unclaimed property can include money left in old bank accounts and safe deposit boxes, uncashed paychecks, unused balances on gift certificates, unreturned utility deposits, uncollected insurance payments, and forgotten stocks and dividends. Businesses are required to turn over these amounts to States after a certain number of years if contact is lost between the holder of the property and the property owner.

While MONEY MATCH automatically reunites many Delaware taxpayers with their unclaimed property, all Delawareans are still encouraged to visit unclaimedproperty.delaware.gov to see if the State is holding their unclaimed property.

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The State of Delaware is in the process of transitioning its banking services to J.P. Morgan Chase (JPMC), and the Office of Unclaimed Property (OUP) is one of the first agencies to participate in this transition. Holders of unclaimed property should be aware that wire and ACH payment instructions have changed in advance of the March 1, 2021 annual reporting deadline.

While previous payment instructions will remain active during the transition, holders planning to remit payments by wire or ACH should contact OUP’s Receipts & Wires Unit to obtain the new payment instructions by email (preferred) DOF_holderreceiptsquestions@delaware.gov or by phone at (302) 577-8782, option #3.