‘Protect Small Businesses from Excessive Paperwork Act of 2025

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill 119 s 505, also known as the Beneficial Ownership Information Reporting Act, aims to amend title 31 of the United States Code in order to change the deadline for reporting beneficial ownership information for certain companies. Specifically, this bill targets reporting companies that were formed or registered before January 1, 2024.

The main purpose of this legislation is to extend the deadline for these reporting companies to file their beneficial ownership information reports. By modifying the deadline, the bill seeks to provide these companies with more time to comply with the reporting requirements and ensure that accurate and up-to-date information is provided to the appropriate authorities.

Overall, the Beneficial Ownership Information Reporting Act is designed to streamline the reporting process for companies and improve transparency in the financial sector. This bill is an important step towards combating money laundering, terrorist financing, and other illicit activities that may be facilitated through opaque corporate structures.