To amend section 5336 of title 31, United States Code, to provide existing small businesses with an additional year to file beneficial ownership information, and for other purposes.
About This Bill
Committee
Latest Action · August 2, 2024
Referred to the House Committee on Financial Services.
This bill extends the deadline for existing small businesses to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Under current law, all companies must report who actually owns and controls them to help combat money laundering and financial crimes. The legislation gives small businesses, as defined by the Small Business Act, until December 31, 2025 to submit this information, providing an additional year beyond the standard deadline. The bill was introduced in the House in August 2024 and referred to the Committee on Financial Services. This extension applies only to existing small business concerns and does not include new reporting requirements or funding provisions.
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