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.