WASHINGTON, Dec. 17,
2024 /PRNewswire/ -- Earlier today, Congress unveiled
a Continuing Resolution spending bill to fund the government
through March 14, 2025 which includes
language to delay by one year the Corporate Transparency Act (CTA)
and Beneficial Ownership Information (BOI) reporting requirement.
For years, NSBA has fought hard both by filing the first national
lawsuit over the CTA as well as on Capitol Hill to delay this
onerous bill from harming millions of small businesses across the
country.
Below is a statement from NSBA President and CEO Todd McCracken.
"NSBA has been leading the charge against the CTA for years.
There is widespread confusion and massive concern among America's
smallest businesses about the BOI reports, and by including this
delay it provides much-needed predictability for small
businesses.
"While this provision is only a one-year delay, I would like to
personally thank Speaker Johnson (R-La.), and Reps. Emmer
(R-Minn.), Nunn (R-Iowa), Hill
(R-Ariz.) and McHenry (R-N.C.) for their leadership in in getting
this provision included in the overall spending package. NSBA will
continue to fight against this law through our lawsuit, the first
one filed in the nation which is now awaiting judgement from the
Eleventh Circuit Court of Appeals.
"This delay is a perfectly timed holiday gift to the millions of
small-business owners across the country who were facing a wildly
complex regulatory regime, and fines that could exceed $591 per DAY and up to two years of jail
time.
"On behalf of our 65,000 members and the 31 million
small-business owners in the U.S., I applaud Congress for
recognizing the massive burden the CTA truly is."
Click here for NSBA's CTA Resource page.
Celebrating more than 85 years in operation, NSBA is a staunchly
nonpartisan organization advocating on behalf of America's
entrepreneurs. NSBA's 65,000 members represent every state and
every industry in the U.S. Please visit www.nsba.biz or follow us
at @NSBAAdvocate.
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SOURCE National Small Business Association