House Votes to Extend Deadline for BOI Reporting Rules
The House of Representatives voted 408-0 late Feb. 10 to pass a bill that would give companies more time to comply with the Corporate Transparency Act, which requires them to submit information on who owns and controls them to the Financial Crimes Enforcement Network.
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The Protect Small Businesses From Excessive Paperwork Act, introduced by Rep. Zach Nunn, R-Iowa, would extend the filing deadline by a year, to Jan. 1, 2026. Proponents said many small businesses are unaware of the beneficial ownership information (BOI) reporting requirements, and FinCEN could use the additional time to educate those firms about the new rules, which are designed partly to help the government prevent sanctioned parties and others from hiding money or property in the U.S. (see 2312210017).
Proponents also noted that the U.S. Supreme Court last month lifted a nationwide injunction on the reporting requirements. However, FinCEN said the new rules are still subject to a separate nationwide injunction that a federal court in Texas issued last year (see 2501240006).
The bill now heads to the Senate for consideration.