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Extending Beneficial Ownership Reporting Deadlines for Small Businesses.

This Act modifies the deadlines by which small businesses must report information about their ultimate owners (Beneficial Ownership Information) to the government. The goal is to provide small firms with additional time to comply with these requirements, easing the administrative burden. Crucially, the Act also prevents companies from avoiding compliance by claiming they are unable to obtain the necessary ownership data.
Key points
Extends the deadlines for small businesses to file Beneficial Ownership Information (BOI) reports with FinCEN.
Establishes a 90-day deadline for reporting changes in ownership information after a triggering event occurs.
Federal authorities are prohibited from allowing companies to submit a report claiming inability to obtain data as an alternative to full compliance.
article Official text account_balance Process page
VOTING RESULTS
2023-12-12
100%
For 420
Against 1
Abstain 0
Full voting results open_in_new
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_5119
Sponsor: Rep. Nunn, Zachary [R-IA-3]
Process start date: 2023-08-01
Voting date: 2023-12-12
Meeting no: 1
Voting no: 713
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Protect Small Business and Prevent Illicit Financial Activity Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5119.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-08-01.

What are the main provisions?

Key points include:

  • Extends the deadlines for small businesses to file Beneficial Ownership Information (BOI) reports with FinCEN.
  • Establishes a 90-day deadline for reporting changes in ownership information after a triggering event occurs.
  • Federal authorities are prohibited from allowing companies to submit a report claiming inability to obtain data as an alternative to full compliance.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Nunn, Zachary [R-IA-3].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 1 (Roll no. 713). (text: 12/11/2023 CR H6752)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy