WASHINGTON, Dec. 17, 2024 - 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
