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Small Business Relief: Extended Deadline for Ownership Reporting

This act extends the deadline for small businesses formed before January 1, 2024, to report their beneficial ownership information. Instead of the previous deadline, these companies now have until January 1, 2026. This aims to reduce administrative burdens for entrepreneurs.
Key points
Companies established before January 1, 2024, receive an extended period to report ownership data.
The new final deadline for reporting is January 1, 2026, providing more time for document preparation.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_505
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2025-02-11
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

‘Protect Small Businesses from Excessive Paperwork Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_505.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-02-11.

What are the main provisions?

Key points include:

  • Companies established before January 1, 2024, receive an extended period to report ownership data.
  • The new final deadline for reporting is January 1, 2026, providing more time for document preparation.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

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