Treasurer Stacy Garrity: First Money Match Letters Being Sent to Pennsylvanians This Week Treasurer Stacy Garrity announced today that more than 8,000 Pennsylvanians will receive letters this week indicating that unclaimed property will be automatically returned to them. This marks the first step in the new Pennsylvania Money Match program, which was approved unanimously by the General Assembly and signed by the Governor in July. “This is a truly historic day,” Treasurer Garrity said. “For the first time ever, we’re returning unclaimed property to hardworking Pennsylvanians without requiring them to file a claim or submit any paperwork at all. We truly cut red tape out of state government – and how often does that happen? If you receive a Money Match letter, read it and keep it! About 45 days later, your unclaimed property will arrive in the form of a check from the Pennsylvania Treasury Department.” The first batch of letters include 8,366 claims totaling over $2 million worth of unclaimed property being returned to its rightful owners. The first Money Match checks are scheduled to be sent out in about 45 days. Pennsylvania Money Match authorizes Treasury to automatically return single-owner properties valued up to $500 after a thorough identification and verification process. At least 14 other states have successfully implemented similar programs. “This Saturday is National Unclaimed Property Day, and I can’t think of a better way to celebrate than by sending out the first Money Match letters,” Treasurer Garrity said. “But even if you don’t get a letter, it’s still easy to see if you have any unclaimed property available! Just visit our website and search for your name.” Pennsylvania Money Match was signed into law last year after Senate Bill 24, sponsored by former Sen. John DiSanto, was passed unanimously by both the Senate and House. Similar legislation, House Bill 2092, introduced by Rep. Ryan Bizzarro (D-3), also unanimously passed the House. Treasury plans to send a total of at least three batches of Money Match letters and checks in 2025. “This will be an ongoing effort,” Treasurer Garrity said. “This money doesn’t belong to the state. It belongs to Pennsylvania families, and I want to get it back to them!” Pennsylvania Money Match will not affect claims for properties valued above $500 or those that have multiple owners or other complexities. Those claimants will still need to file a claim and provide any required supporting documentation. More than one in ten Pennsylvanians is owed some of the $4.5 billion in unclaimed property being safeguarded by Treasury. The average value of a claim is about $1,600. Since taking office, Treasurer Garrity has returned more than $700 million in unclaimed property and has implemented multiple improvements to the unclaimed property program, all designed to make the process easier and faster, including: Completing a total system upgrade for the first time in more than 15 years; Implementing a fast-track process for many claims; and Allowing direct deposit payments for many claimants. More information about Pennsylvania Money Match is available at patreasury.gov/MoneyMatch.
Pennsylvania Treasurer, Looks to the Future of the Commonwealth Pennsylvania Treasurer Stacy Garrity today began her second term leading the Pennsylvania Treasury Department as she took the Oath of Office during a ceremony at The Forum Auditorium. “Pennsylvania’s potential is unlimited,” Treasurer Garrity said. “Our future will be even brighter than our past. And I can’t wait to lead Treasury in the bright days, months and years ahead.” Treasurer Garrity was sworn into office by the Honorable Maureen Beirne, President Judge of Bradford County, who was joined by the treasurer’s brother-in-law, the Honorable Christopher P. Baker, Justice of the Supreme Court of New York. Today’s inaugural ceremony included remarks from Governor Josh Shapiro; invocations representing Christianity, Judaism and Islam; the presentation and retiring of the colors by the First Troop Philadelphia City Cavalry; “The Star-Spangled Banner” and “God Bless America” performed by talented students from CASA Charter School in Harrisburg; and a recessional by the Quaker City String Band. The ceremony was hosted by Rep. Tina Pickett, Treasurer Garrity’s representative in the state House, and also featured remarks from Treasurer Garrity’s husband Dan Gizzi; Treasurer Garrity’s niece Jackie Howard; Hugh Allen, who served as Treasurer Garrity’s first chief of staff; and Jeff Bartos, President of ESB Holdings. “It’s the start of a new year, the start of a new term for Pennsylvania’s three row officers, and the start of a new legislative session,” Treasurer Garrity said. “We must put aside past disagreements, embrace this moment of opportunity, and find common ground. We cannot grow by division. We can – and will – grow by working together to make Pennsylvania a leader among states, and to make Pennsylvania a place where our next generation can succeed and prosper.” Recognizing her staff at Treasury, she remarked on the job of the Department and its importance to every Pennsylvanian: “My team at Treasury is second to none. They work tirelessly on behalf of the taxpayers, and I want to thank them for their dedication to public service.” She added, “We help Pennsylvanians save for education and disability-related expenses. We reconnect people with money they forgot about or never knew they had. We return precious military medals to the brave Veterans who earned them, or to their families who sacrificed so much for our country. When it comes down to it, Treasury is about people. It’s about service. It’s about public trust.” Under Treasurer Garrity’s leadership, Treasury has returned record amounts of unclaimed property including hundreds of military decorations to Veterans and their families, reduced fees multiple times for the PA 529 College and Career Savings Program and PA ABLE, and helped the PA 529 Investment Plan be recognized as a top 529 plan in the nation for two consecutive years. The state’s Rainy Day Fund saw unprecedented growth with her dedication to working with the General Assembly and two Governors to build the state’s reserves and her decision to implement a new investment strategy. Treasurer Garrity remains committed to increasing government transparency, cutting waste and fees, returning more than $4.5 billion in unclaimed property to its rightful owners, and making education affordable for Pennsylvanians. Treasurer Garrity is a former businesswoman and retired U.S. Army Reserve Colonel who has served the Commonwealth as Treasurer since January 19, 2021.
Pennsylvania Treasurer Thanks Governor for Signing Tax Reform Bill New law will streamline and improve the process of resolving tax disputes in PA Pennsylvania Treasurer Stacy Garrity today applauded Governor Josh Shapiro for signing Senate Bill 1051, pro-taxpayer legislation sponsored by Sen. Scott Hutchinson (R-21) and supported by overwhelming bipartisan majorities in the General Assembly. A companion bill was introduced in the House by Rep. Tim Briggs (D-149). The new law will streamline and improve the process of resolving tax disputes with the Pennsylvania Department of Revenue (DOR) by allowing the Board of Finance and Revenue (BF&R) to accept late-filed personal income tax appeals in certain circumstances and to create a new independent settlement process for taxpayers as an alternative to the formal and lengthy court appeals process. “This law will make tax appeals more fair for Pennsylvania families and businesses by removing silly bureaucratic obstacles and implementing a strong settlement process,” Treasurer Garrity said. “I’m grateful to Governor Shapiro for signing this bill into law, and to Senator Hutchinson and Representative Briggs for their hard work to create an even playing field for Pennsylvania taxpayers.” SB 1051, now Act 123 of 2024, was supported by numerous organizations, including the Pennsylvania Institute of Certified Public Accountants, the Pennsylvania Chamber of Business and Industry, the NFIB, and the Pennsylvania Society of Enrolled Agents. Act 123, which goes into effect in 90 days, will allow BF&R to accept late-filed personal income tax appeals if cause is shown by the taxpayer. When the new law becomes effective, taxpayers who disagree with a final decision made by DOR involving personal income tax assessments have a 90-day deadline to appeal the decision to BF&R. It was previously only 60 days. That strict timeline led to cases being dismissed on a technicality rather than being decided on their merits. On average, of the approximately 4,200 appeals BF&R receives annually, only about 13 percent of eligible appeals are resolved through settlement prior to an appeal being filed before the Commonwealth Court. The new law also empowers BF&R for the first time to direct parties through an independent settlement process, which is intended to facilitate the amicable resolution of more tax disputes, thus reducing litigation costs for taxpayers. Treasury estimates that up to 500 cases annually could be eligible for this new process. BF&R is an independent administrative tax tribunal, administered by the State Treasurer, responsible for the second and final level of administrative appeal (with minor exceptions) before appealing to court. The Board consists of three members – two are appointed by the Governor and confirmed by the Pennsylvania Senate; the third is the State Treasurer or her designee and serves as Chair.