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‘Protect Small Businesses from Excessive Paperwork Act of 2025
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.
Summary
This bill extends the deadline for certain businesses to file beneficial ownership information reports. Businesses that were formed or registered before January 1, 2024, would have until January 1, 2026, to file their reports. These requirements are part of the Corporate Transparency Act, which aims to prevent money laundering and other financial crimes by requiring disclosure of business ownership. The bill was introduced in the Senate in February 2025 and referred to the Committee on Banking, Housing, and Urban Affairs.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Scott, Tim [R-SC] (R-SC)
12 cosponsors
- Sen. Banks, Jim [R-IN] (R-IN)
- Sen. Britt, Katie Boyd [R-AL] (R-AL)
- Sen. Cramer, Kevin [R-ND] (R-ND)
- Sen. Crapo, Mike [R-ID] (R-ID)
- Sen. Hagerty, Bill [R-TN] (R-TN)
- Sen. Lankford, James [R-OK] (R-OK)
- Sen. Lummis, Cynthia M. [R-WY] (R-WY)
- Sen. Moran, Jerry [R-KS] (R-KS)
- Sen. Moreno, Bernie [R-OH] (R-OH)
- Sen. Ricketts, Pete [R-NE] (R-NE)
- Sen. Rounds, Mike [R-SD] (R-SD)
- Sen. Tillis, Thomas [R-NC] (R-NC)
Actions (2)
- Feb 11, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Feb 11, 2025 Introduced in Senate
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Full text
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”. <all>
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