Bill Details
View committees (1)
View cosponsors (12)
- Sen. Rounds, Mike [R-South Dakota]
- Sen. Moran, Jerry [R-Kansas]
- Sen. Hagerty, Bill [R-Tennessee]
- Sen. Ricketts, Pete [R-Nebraska]
- Sen. Lankford, James [R-Oklahoma]
- Sen. Cramer, Kevin [R-North Dakota]
- Sen. Lummis, Cynthia M. [R-Wyoming]
- Sen. Britt, Katie Boyd [R-Alabama]
- Sen. Tillis, Thomas [R-North Carolina]
- Sen. Banks, Jim [R-Indiana]
- Sen. Moreno, Bernie [R-Ohio]
- Sen. Crapo, Mike [R-Idaho]
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would give some older businesses more time to file a required report about who owns or controls them. Right now, certain companies must report their beneficial owners under federal law, and this bill would change the filing deadline for companies formed or registered before January 1, 2024. Instead of filing sooner, those companies would have until January 1, 2026 to submit the information.
- Applies to reporting companies formed or registered before January 1, 2024.
- Changes the deadline for filing beneficial ownership information reports to January 1, 2026.
- Aims to reduce paperwork pressure on small businesses that already existed before the new reporting rules took effect.
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]
[S. 505 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 505
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.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 11, 2025
Mr. Scott of South Carolina (for himself, Mr. Rounds, Mr. Moran, Mr.
Hagerty, Mr. Ricketts, Mr. Lankford, Mr. Cramer, Ms. Lummis, Mrs.
Britt, Mr. Tillis, and Mr. Banks) introduced the following bill; which
was read twice and referred to the Committee on Banking, Housing, and
Urban Affairs
_______________________________________________________________________
A BILL
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 OF 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'' and all that follows through
``under this subsection'' and inserting ``before January 1, 2024,
shall, not later than January 1, 2026''.
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