119th Congress · SENATE BILLBILL

S. 505‘Protect Small Businesses from Excessive Paperwork Act of 2025

A bill to amend title 31, United States Code, to modify the deadline for filing beneficial ownership information reports for reporting companies formed or registered before January 1, 2024.

Finance and financial sector
Introduced Feb 11, 2025
Last action Feb 11, 2025
Pipeline · Bill → Law
Step 1
Introduced
Feb 11, 2025
Step 2
Referred
Feb 11, 2025
Banking, Housing, and Urban Affairs
Step 3
Committee
Step 4
Senate
Step 5
House floor
Step 6
Resolve Changes
Step 7
Signed
SummaryCRS Summary

This bill extends the deadline for certain companies that are required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Specifically, the bill requires companies formed or registered before January 1, 2024, to submit this information to FinCEN by January 1, 2026, instead of by January 1, 2025, as required under current regulations.

Provisions · 2 sectionsIntroduced in Senate
AI
Timeline · 2 actions
Feb 11, 2025
Introduced in Senate
Feb 11, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.