S 505 · in committee · major
‘Protect Small Businesses from Excessive Paperwork Act of 2025
- government reform
What this bill does
- The bill delays the deadline for companies to report beneficial ownership information to FinCEN by one year.
- Small businesses and other companies formed before January 1, 2024 are affected by this extension.
- Companies must now file beneficial ownership information by January 1, 2026 instead of January 1, 2025.
Generated by claude-haiku-4-5
Community Threads
Started by Cosponsor
- 01
How would delaying beneficial ownership reporting by one year affect law enforcement's ability to detect financial crimes and money laundering?
- 02
Which types of small businesses would face the greatest compliance costs if the deadline remained January 2025 instead of extending to 2026?
- 03
What evidence supports the claim that small businesses need an additional year to comply with beneficial ownership reporting requirements?
Cosponsor writes these to seed civic discussion — they aren't user posts. Sign in to reply.
Sponsor · R-SC
Tim Scott
Citizen cosponsors
0
In Congress
12/ 100
Senators cosponsoring
Introduced 2025-02-11
Joining the bill
Thom Tillis
R-NC · original
Katie Boyd Britt
R-AL · original
Pete Ricketts
R-NE · original
Jim Banks
R-IN · original
Kevin Cramer
R-ND · original
Bill Hagerty
R-TN · original
Cynthia M. Lummis
R-WY · original
James Lankford
R-OK · original
Jerry Moran
R-KS · original
Mike Rounds
R-SD · original
Bernie Moreno
R-OH
Mike Crapo
R-ID
Legislative timeline
2025-02-11 · senate · IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2025-02-11 · IntroReferral
Introduced in Senate
Citizen comments
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