‘Protect Small Businesses from Excessive Paperwork Act of 2025
3/12/2025, 5:13 PMSummary of Bill S 505
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.
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Current Status of Bill S 505
Bill S 505 is currently in the status of Bill Introduced since February 11, 2025. Bill S 505 was introduced during Congress 119 and was introduced to the Senate on February 11, 2025. Bill S 505's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of February 11, 2025Bipartisan Support of Bill S 505
Total Number of Sponsors
5Democrat Sponsors
0Republican Sponsors
5Unaffiliated Sponsors
0Total Number of Cosponsors
10Democrat Cosponsors
0Republican Cosponsors
10Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 505
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill S 505
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.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.Comments
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Sponsors and Cosponsors of S 505
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