Bill to repeal Corporate Transparency Act, ending mandatory ownership reporting
This bill aims to completely repeal the Corporate Transparency Act (CTA). If passed, companies would no longer be required to report information about their beneficial owners to the federal government. For business owners, this change reduces administrative burden and eliminates the obligation to submit sensitive personal data to a government agency.
Key points
End of ownership reporting requirement: Businesses will not have to disclose who truly controls them, reducing administrative overhead.
Less bureaucracy for small and medium-sized enterprises: Eliminating the reporting requirement saves time and resources for business owners.
Changes to anti-money laundering rules: The bill removes sections related to the CTA from existing anti-money laundering legislation.
Expired
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