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Extended deadline for small businesses to report beneficial ownership information

This Act grants small businesses additional time to file their Beneficial Ownership Information (BOI) reports with FinCEN. The change aims to reduce administrative burdens on small enterprises while strengthening efforts against illicit financial activity. New companies will now have 90 days to submit their initial report, providing crucial flexibility during their start-up phase.
Key points
New companies are granted 90 days to submit their initial Beneficial Ownership Information (BOI) report from the date of formation, extending the previous deadline.
The Act prevents FinCEN from allowing companies to report an inability to obtain ownership information as an alternative to submitting a complete report.
These changes are designed to protect small businesses by easing reporting timelines while maintaining strict financial transparency requirements.
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Additional Information
Print number: 118_S_3625
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2024-01-18
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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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_S_3625.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-01-18.

What are the main provisions?

Key points include:

  • New companies are granted 90 days to submit their initial Beneficial Ownership Information (BOI) report from the date of formation, extending the previous deadline.
  • The Act prevents FinCEN from allowing companies to report an inability to obtain ownership information as an alternative to submitting a complete report.
  • These changes are designed to protect small businesses by easing reporting timelines while maintaining strict financial transparency requirements.
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

Who is the primary sponsor?

The primary sponsor is Sen. Scott, Tim [R-SC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Courts and Law