Official Summaries

Protect Small Businesses from Excessive Paperwork Act of 2025

This bill extends the deadline for certain companies that are required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Specifically, the bill requires companies formed or registered before January 1, 2024, to submit this information to FinCEN by January 1, 2026, instead of by January 1, 2025, as required under current regulations.

Current Full Text

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 736 Referred in Senate (RFS)]

<DOC>
119th CONGRESS
  1st Session
                                H. R. 736


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 11, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT


 
   To amend title 31, United States Code, to modify the deadline for 
filing beneficial ownership information reports for reporting companies 
              formed or registered before January 1, 2024.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protect Small Businesses from 
Excessive Paperwork Act of 2025''.

SEC. 2. MODIFICATION TO FILING DEADLINE FOR CERTAIN PRE-EXISTING 
              REPORTING COMPANIES.

    Section 5336(b)(1)(B) of title 31, United States Code, is amended 
by striking ``before the effective date of the regulations prescribed 
under this subsection shall, in a timely manner, and not later than 2 
years after the effective date of the regulations prescribed under this 
subsection,'' and inserting ``before January 1, 2024, shall, not later 
than January 1, 2026,''.

            Passed the House of Representatives February 10, 2025.

            Attest:

                                             KEVIN F. MCCUMBER,

                                                                 Clerk.