‘Protect Small Businesses from Excessive Paperwork Act of 2025

Bill: 119-s-505
Sponsor: full_name: Sen. Scott, Tim [R-SC]
Introduced: 2025-02-11
Policy area: Finance and Financial Sector
Latest action: action_date: 2025-02-11
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2025-02-11
action_desc: Introduced in Senate
text: <p><strong>Protect Small Businesses from Excessive Paperwork Act of 2025</strong></p><p>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,&nbsp;as required under current regulations.</p>

tv_txt: II 119th CONGRESS 1st Session S. 505 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.

1. Short title This Act may be cited as the ‘Protect Small Businesses from Excessive Paperwork Act of 2025 . 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 .