| FOR IMMEDIATE RELEASE October 1, 2026 Contact: Dan Kranz Hernandez for New York (315) 751-1771 press@hernandezforny.com NEW YORK, NY — Standing outside the Office of the State Comptroller Thursday morning, Republican candidate for New York State Comptroller Joseph Hernandez announced his “It’s Your Money” Tax Cut, a plan to return billions of dollars in unclaimed funds to the New Yorkers who own them. The announcement comes hours before Hernandez debates Comptroller Tom DiNapoli live on Spectrum News at 7:00 PM. New York is holding $21 billion in unclaimed funds from old bank accounts, uncashed checks, utility deposits, insurance payments and other property. That figure has grown from approximately $7.2 billion in 2006. Since 2007, nearly $11.8 billion has been transferred into the state’s General Fund. For roughly every $3 returned to owners, about $5 went to Albany’s budget. |
| Joseph Hernandez speaks outside the Office of the State Comptroller while announcing his “It’s Your Money” Tax Cut plan to return billions in unclaimed funds to New Yorkers. The state also benefits financially from holding and using the money. State cash is pooled and invested to generate interest income, while owners do not receive the full investment benefit generated while their money remains with the state. At the same time, hundreds of millions of dollars in unclaimed funds are transferred each year to support state spending. Other states have returned a far larger share of outstanding unclaimed property. Florida returned approximately 20% of what it held in a single fiscal year, while New York returned only a small fraction of its outstanding balance. “Tom DiNapoli is sitting on more than $20 billion that belongs to New Yorkers while families are struggling with taxes, energy bills, groceries and housing,” Hernandez said. “Albany has turned money that belongs to New Yorkers into a slush fund for state government. They hold it, use it to prop up their budget and benefit financially while the rightful owners wait to get their own money back.” |
| Joseph Hernandez signs a $21 billion check to New Yorkers, representing the unclaimed funds he says Albany should return to their rightful owners. Hernandez’s plan would return verified funds directly to their rightful owners, end the routine use of unclaimed money to support state spending, and create a public tracker showing how much the state holds, returns and transfers into the budget. “When Albany keeps money that belongs to you and uses it to finance government spending, that is money out of your pocket and into theirs,” Hernandez said. “My plan puts billions of dollars back in the hands of New Yorkers and forces Albany to live within its means.” “It’s your money. You earned it. You deposited it. It belongs to you. Albany should give it back.” Hernandez added, “The Comptroller should be the taxpayers’ watchdog, not Albany’s lapdog. Tonight, Tom DiNapoli should explain why more than $20 billion belonging to New Yorkers is still sitting under his watch.” Hernandez and DiNapoli debate tonight at 7:00 PM live on Spectrum News. |
Keep Scrolling