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119-s-505119th CongressWALLET

‘Protect Small Businesses from Excessive Paperwork Act of 2025

Sponsored By: Senator Scott, Tim [R-SC]

Introduced

Summary

Adds one year to the filing deadline for certain companies' beneficial ownership reports. It would require companies formed or registered before January 1, 2024 to submit beneficial ownership information to the Financial Crimes Enforcement Network by January 1, 2026 instead of January 1, 2025.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Delay for small business ownership filings

If enacted, reporting companies formed or registered before January 1, 2024 would have until January 1, 2026 to file beneficial ownership information reports under 31 U.S.C. 5336. This would give those companies more time to gather and submit ownership details. It would not change the filing deadline for companies formed or registered on or after January 1, 2024. The bill would not create any new reporting requirements beyond this deadline change.

Sponsors & CoSponsors

Sponsor

Scott, Tim [R-SC]

SC • R

Cosponsors

  • Sen. Rounds, Mike [R-SD]

    SD • R

    Sponsored 2/11/2025

  • Sen. Moran, Jerry [R-KS]

    KS • R

    Sponsored 2/11/2025

  • Sen. Hagerty, Bill [R-TN]

    TN • R

    Sponsored 2/11/2025

  • Sen. Ricketts, Pete [R-NE]

    NE • R

    Sponsored 2/11/2025

  • Sen. Lankford, James [R-OK]

    OK • R

    Sponsored 2/11/2025

  • Sen. Cramer, Kevin [R-ND]

    ND • R

    Sponsored 2/11/2025

  • Sen. Lummis, Cynthia M. [R-WY]

    WY • R

    Sponsored 2/11/2025

  • Sen. Britt, Katie Boyd [R-AL]

    AL • R

    Sponsored 2/11/2025

  • Sen. Tillis, Thomas [R-NC]

    NC • R

    Sponsored 2/11/2025

  • Sen. Banks, Jim [R-IN]

    IN • R

    Sponsored 2/11/2025

  • Sen. Moreno, Bernie [R-OH]

    OH • R

    Sponsored 2/26/2025

  • Sen. Crapo, Mike [R-ID]

    ID • R

    Sponsored 3/10/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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