A group of Congressional Republicans introduced a bill to repeal the Corporate Transparency Act of 2021, citing much-criticized requirements in the law for businesses to report ownership information.
The bill, introduced by Rep. Warren Davidson (R-Ohio), has 11 GOP co-sponsors in the House. Sen. Tommy Tuberville (R-Ala.) said he’s introducing a version in the Senate.
The Corporate Transparency Act has faced growing criticism in the years since it passed, primarily for its requirement for businesses to report their beneficial ownership information—the identities and other information about the people who control the business—to the Financial Crimes Enforcement Network, or FinCEN.
FinCEN ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.