S 505
119th Congress
Senate
Finance and Financial Sector
Business records
Corporate finance and management
Licensing and registrations
Small business
‘Protect Small Businesses from Excessive Paperwork Act of 2025
Introduced: February 11, 2025
Introduced by:
Scott, Tim
Republican
· South Carolina
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 11, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 11, 2025
Introduced in Senate
Plain-English summary
Protect Small Businesses from Excessive Paperwork Act of 2025
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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.