Protect Small Businesses from Excessive Paperwork Act of 2025
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, as required under current regulations.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 736 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 736
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 24, 2025
Mr. Nunn of Iowa (for himself, Ms. Davids of Kansas, Mr. Emmer, and Mr.
Davis of North Carolina) introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
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 TO 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 of the regulations prescribed
under this subsection shall, in a timely manner, and not later than 2
years after the effective date of the regulations prescribed under this
subsection,'' and inserting ``before January 1, 2024, shall, not later
than January 1, 2026,''.
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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Mr. Hill (AR) moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H599-601)
DEBATE - The House proceeded with forty minutes of debate on H.R. 736.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H606)
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 408 - 0 (Roll no. 37). (text: CR H599)
Roll Call #37 (House)On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 408 - 0 (Roll no. 37). (text: CR H599)
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Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.