‘Protect Small Businesses from Excessive Paperwork Act of 2025

Hozzl · 2025-03-12T17:13:27Z

Explore the details of Senate Bill 505 ‘Protect Small Businesses from Excessive Paperwork Act of 2025 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

3/12/2025, 5:13 PM

Summary 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.

Congressional Summary of S 505

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.

Read the Full Bill

Formatted Text PDF Formatted XML

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, 2025

Bipartisan Support of Bill S 505

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 505

Primary Policy Focus

Finance and Financial Sector

Alternate 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.