Illinois Returns Record $307.8 Million to Taxpayers, Businesses and Organizations

Illinois State Treasurer Michael Frerichs announced the state has returned a record $307.8 million to more than 567,000 individuals, businesses, and organizations, according to a statement released July 22, 2026. The funds represent unclaimed property held by the Illinois Department of Revenue and the Office of the State Treasurer, including dormant bank accounts, refunds, and other financial assets. Frerichs emphasized the figure marks a new high for the state’s unclaimed property program, which has returned over $1.2 billion since 2011.

The treasurer’s office identified the funds through automated systems that track unclaimed assets, including utility deposits, insurance proceeds, and employer-sponsored benefits. Frerichs stated, “This is a direct result of our ongoing efforts to locate and return money that rightfully belongs to Illinois residents and entities.” The program’s success hinges on public awareness, with officials urging individuals to check the state’s unclaimed property portal at [www.illinoisunclaimedproperty.com](http://www.illinoisunclaimedproperty.com) to verify eligibility.

Context and Mechanisms

Unclaimed property in Illinois typically becomes dormant after three to five years of inactivity, depending on the asset type. For example, bank accounts may be transferred to the state after five years, while insurance policies or tax refunds might be classified as unclaimed after shorter periods. The Illinois Department of Revenue maintains a database of these assets, which the treasurer’s office then processes for distribution.

Frerichs’ office reported that the $307.8 million returned in 2026 includes $182.4 million in individual claims and $125.4 million for businesses and nonprofits. The largest single payout was a $4.7 million settlement for a dormant trust account, though officials declined to disclose specific details about the recipient. “We prioritize transparency, but some cases involve sensitive information that cannot be publicly shared,” a spokesperson said.

State officials noted that the 2026 total surpasses the previous record of $276.3 million set in 2023. This growth aligns with a broader trend of states increasing efforts to recover unclaimed assets. According to the National Association of Unclaimed Property Administrators, states collectively returned $3.4 billion in 2025, a 12% increase from the prior year.

What Comes Next?

The treasurer’s office plans to launch a statewide outreach campaign in August 2026 to notify potential claimants, including targeted mailings to addresses on file for unclaimed assets. Frerichs stated, “We want to ensure no one misses out on money they are entitled to.” The campaign will also include partnerships with local governments and financial institutions to expand awareness.

Residents can file claims online or by mail, with processing times averaging 30 to 60 days. For individuals who have moved or lost contact with their financial institutions, the state offers a “search and notify” service, which allows users to input account details to determine if funds are available. “This is a critical resource for people who may not know they are owed money,” said a Department of Revenue spokesperson.

Advocacy groups have praised the initiative but called for further reforms. The Illinois Consumer Advocates Association, a nonprofit that tracks unclaimed property, noted that an estimated $480 million in assets remain unclaimed statewide. “While the 2026 record is encouraging, there is still significant room for improvement in reaching underserved communities,” said executive director Laura Chen. “We urge the state to invest in multilingual outreach and simplify the claims process.”

Frerichs’ office reiterated its commitment to expanding the program, with plans to integrate artificial intelligence tools for faster asset identification. The state also aims to streamline interagency coordination to reduce delays in processing claims. “Our goal is to make this process as seamless as possible for residents,” the treasurer said.