Bill > S505

This bill modifies the deadline for filing beneficial ownership information reports for companies that were formed or registered before January 1, 2024. Specifically, the bill amends a section of U.S. Code related to reporting requirements, extending the filing deadline for these pre-existing "reporting companies" to January 1, 2026. The change is part of the "Protect Small Businesses from Excessive Paperwork Act of 2025," which suggests the aim is to give smaller businesses more time to comply with beneficial ownership reporting regulations. Beneficial ownership reporting typically requires companies to disclose the individuals who ultimately own or control a business, a requirement designed to increase financial transparency and help prevent financial crimes like money laundering. By pushing back the deadline, the bill provides additional time for businesses to gather and submit the required information without facing immediate penalties.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/505/all-info