BobKamman
Level 15
09-19-2024
03:02 PM
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Delay is not repeal. It's more of an endorsement. If 420 members voted for it, it's even supported by the Freedom Caucus loonies who want to shut down the government over an unrelated issue. The bill that passed the House --
Introduced on August 1, 2023, by Representative Zach Nunn,
H.R. 5119, the Protect Small Business and Prevent Illicit
Financial Activity Act of 2023, would revert the Financial
Crimes Enforcement Network (FinCEN) beneficial ownership filing
deadline for existing small businesses from January 1, 2024, to
the statutorily mandated two years after the effective date of
the regulation for initial filing.
Additionally, it would extend the filing deadline for
updating beneficial ownership for registered small businesses
to 90 days, which was shortened to 30 days in FinCEN's final
rule. Finally, this legislation would close a loophole created
by FinCEN's filing form notice and comment that would allow a
reporting company to obfuscate its beneficial owners by
allowing alternative identification to be submitted.--