H.R. 736 · House bill · 119th Congress

Protect Small Businesses from Excessive Paperwork Act of 2025

Sponsored by Rep. Zachary (Zach) Nunn, Iowa with 12 co-sponsors

Introduced Jan 24, 2025

Referred to the Banking, Housing, and Urban Affairs Committee

Latest action Feb 11, 2025

SponsorRep. Zachary (Zach) Nunn, Iowa· 12 cosponsorsRep. Sharice Davids, KansasRep. Tom Emmer, Minnesota

Show 10 more cosponsors

What the bill does

This bill extends the deadline for certain companies that are required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Specifically, the bill requires companies formed or registered before January 1, 2024, to submit this information to FinCEN by January 1, 2026, instead of by January 1, 2025, as required under current regulations.

Summary by the Congressional Research Service, Feb 10, 2025.

BillFull text · congress.gov(opens in a new tab)

Read the bill

About 100 words

Contents

Sec. 1. Short title

This Act may be cited as the “Protect Small Businesses from Excessive Paperwork Act of 2025”.

Sec. 2. Modification to filing deadline for certain pre-existing reporting companies

Section 5336(b)(1)(B) of title 31, United States Code, is amended by striking “before the effective date of the regulations prescribed under this subsection shall, in a timely manner, and not later than 2 years after the effective date of the regulations prescribed under this subsection,” and inserting “before January 1, 2024, shall, not later than January 1, 2026,”.

Official text, Referred in Senate (Feb 11, 2025), from the Government Publishing Office via Congress.gov. Printed version (PDF) · All versions on Congress.gov

What the bill does

Summary by the Congressional Research Service, Feb 10, 2025.