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‘Protect Small Businesses from Excessive Paperwork Act of 2025

USA119th CongressS-505| Senate 
| Updated: 2/11/2025
Tim Scott

Tim Scott

Republican Senator

South Carolina

Cosponsors (12)
Katie Boyd Britt (Republican)Thomas Tillis (Republican)Jim Banks (Republican)Jerry Moran (Republican)Cynthia M. Lummis (Republican)Mike Rounds (Republican)Kevin Cramer (Republican)James Lankford (Republican)Bill Hagerty (Republican)Bernie Moreno (Republican)Pete Ricketts (Republican)Mike Crapo (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill aims to adjust the compliance timeline for beneficial ownership information reporting requirements. It specifically modifies the deadline for companies that were formed or registered before January 1, 2024 , under title 31, United States Code. The legislation extends the deadline for these pre-existing entities to file their required beneficial ownership information reports. Such companies will now have until January 1, 2026 , to submit their reports. This change provides additional time for a significant number of businesses to prepare and comply with the new federal reporting mandates.
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Timeline
Feb 11, 2025

Latest Companion Bill Action

HR 119-736
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 11, 2025
Introduced in Senate
Feb 11, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • February 11, 2025

    Latest Companion Bill Action

    HR 119-736
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • February 11, 2025
    Introduced in Senate


  • February 11, 2025
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • HR 119-736: Protect Small Businesses from Excessive Paperwork Act of 2025

‘Protect Small Businesses from Excessive Paperwork Act of 2025

USA119th CongressS-505| Senate 
| Updated: 2/11/2025
This bill aims to adjust the compliance timeline for beneficial ownership information reporting requirements. It specifically modifies the deadline for companies that were formed or registered before January 1, 2024 , under title 31, United States Code. The legislation extends the deadline for these pre-existing entities to file their required beneficial ownership information reports. Such companies will now have until January 1, 2026 , to submit their reports. This change provides additional time for a significant number of businesses to prepare and comply with the new federal reporting mandates.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Feb 11, 2025

Latest Companion Bill Action

HR 119-736
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 11, 2025
Introduced in Senate
Feb 11, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • February 11, 2025

    Latest Companion Bill Action

    HR 119-736
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • February 11, 2025
    Introduced in Senate


  • February 11, 2025
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Tim Scott

Tim Scott

Republican Senator

South Carolina

Cosponsors (12)
Katie Boyd Britt (Republican)Thomas Tillis (Republican)Jim Banks (Republican)Jerry Moran (Republican)Cynthia M. Lummis (Republican)Mike Rounds (Republican)Kevin Cramer (Republican)James Lankford (Republican)Bill Hagerty (Republican)Bernie Moreno (Republican)Pete Ricketts (Republican)Mike Crapo (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 119-736: Protect Small Businesses from Excessive Paperwork Act of 2025
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted