HB 8147: Repeal the Corporate Transparency Act

The Corporate Transparency Act requires all small businesses under 20 employees and, or, under 5 million in annual revenue to file Beneficial Ownership, Information (BOI), paperwork with the United States Financial Crimes Enforcement Network (FinCEN). A beneficial owner is an individual who (1) exercises substantial control over a corporation or limited liability company (2) owns 25% or more of the interest in a corporation or limited liability company (3) receives substantial economic benefits from the assets of a corporation or limited liability company. Specifically, if certain entities apply to form a corporation or limited liability company, they must file B.O.I with the Financial Crimes Enforcement Network (FinCEN). Which will take 3 hours to fill out. The Federal Law went into effect January 1, 2024, and you have December 31, 2024, to fill it out. Failure to do so could result in a civil penalty and authorizes criminal penalties—a fine of $500 a day, up to $10,000, or, 2 years in prison or both. Additionally, failing to provide complete or updated beneficial ownership information (BOI) could result in the same penalties. HB 8147 would Repeal the Corporate Transparency Act.
We are asking for a “Yes” vote on HB 8147 to Repeal the CTA. The Corporate Transparency Act puts 33-37 million small businesses at risk of fines, jail, and cyber-security attacks. All small businesses with under 20 employees, including your favorite pizza shop, are being placed under the same suspicion of criminal activity, such as money laundering, regardless of their previous history or good standing. It is a direct Act of wiping out Main Street.

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