U.S. Sen. Tommy Tuberville (R-Auburn) will reintroduce his Repealing Big Brothers Overreach Act in the Senate in the 119th Congress.
The legislation would repeal the Corporate Transparency Act (CTA), which forces businesses to disclose financial matters to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) database or face jail time and pay a $10,000 fine per violation.
The CTA was originally set to take effect on January 1, but a stay is currently in place as the law is being debated in federal court.
Tuberville wrote an op-ed and delivered a floor speech about the bill after introducing it in May 2024.
“The Corporate Transparency Act is an outright attack on the 32 million small businesses in this country,” Tuberville said. “This includes farmers, restaurants, gyms, and lawn service companies. The CTA specifically targets working Americans with an LLC, and failure to comply could put business-owners in jail for up to two years per violation—plus $10,000 per violation. Small businesses are the backbone of this country, and the CTA is a slap in the face to each and every small business owner. This is an unprecedented big government overreach, and it must be repealed immediately.”
Over 100 trade organizations, including the National Federation of Independent Business, the S Corporation Association, and Americans for Tax Reform, have endorsed the Repealing Big Brother Overreach Act.
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