The House has passed H.R. 736 - Protect Small Businesses from Excessive Paperwork Act of 2025. This bill was introduced by Representative Zachary Nunn.
The vote was 408-0.
You can track corporate lobbying on this bill and relevant congressional stock trades on Quiver Quantitative's H.R. 736 bill page.
Here is a short summary of a January 24, 2025 version of the bill.
H.R. 736 - Protect Small Businesses from Excessive Paperwork Act of 2025 Summary
This bill, titled the
Protect Small Businesses from Excessive Paperwork Act of 2025
, aims to amend the regulations surrounding beneficial ownership information reporting for certain businesses. Here are the main points of the bill:
Purpose of the Bill
The primary goal of the bill is to reduce the paperwork burden on small businesses that were established before January 1, 2024. It seeks to provide these businesses with more time to comply with the requirements for filing beneficial ownership reports.
Key Changes Proposed
The existing deadline for companies formed or registered before January 1, 2024, to submit their beneficial ownership information reports is changed from a timeline based on the regulation's effective date to a specific date—January 1, 2026.
This means that companies now have a clearer and extended deadline to meet their reporting requirements without facing penalties for delays.
Beneficial Ownership Reporting
Beneficial ownership reporting is a financial regulation intended to increase transparency about the owners of companies. It requires companies to disclose who ultimately owns or controls them, which can help prevent illicit activities such as money laundering and tax evasion. This bill, however, acknowledges that smaller, pre-existing companies may face challenges in dealing with the administrative demands of this regulation.
Impact on Small Businesses
By extending the reporting deadline, the bill aims to alleviate some of the administrative pressure on smaller businesses. The goal is to give these companies additional time to gather the required information and complete the paperwork without the stress of immediate compliance.
Legislative Process
The bill was introduced in the House of Representatives on January 24, 2025, by Representative Nunn of Iowa, along with several co-sponsors. It has been referred to the Committee on Financial Services for further discussion and consideration.
Relevant Companies
None found.
This article is not financial advice. Bill summaries may be unreliable. Consult Congress.gov for full bill text. See Quiver Quantitative's disclaimers for more information.
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