Protecting Small Business Owners
I joined Senator Tommy Tuberville (R-Ala.) in reintroducing the Repealing Big Brother Overreach Act, legislation to overturn the inaptly named Corporate Transparency Act (CTA) and protect small business owners. The CTA requires individuals with an ownership interest in a limited liability company (LLC) to disclose personal data with the U.S. Treasury Department’s Financial Crimes Enforcement Network. Failure to comply could result in up to two years of jail time and a $10,000 fine per violation.
CTA requirements went into effect on January 1, 2024, but implementation is currently paused while the legality of the CTA’s requirements is being argued in the federal courts.
Current government reporting requirements are increasing costs for small businesses and adding unnecessary strain. Our bill will stop this bureaucratic overreach.
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