Introduced in Senate — S. 505

119th CONGRESS

1st Session

S. 505

IN THE SENATE OF THE UNITED STATES

February 11, 2025

Mr. Scott of South Carolina (for himself, Mr. Rounds, Mr. Moran, Mr. Hagerty, Mr. Ricketts, Mr. Lankford, Mr. Cramer, Ms. Lummis, Mrs. Britt, Mr. Tillis, and Mr. Banks) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

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.

Section 1. Short title

This Act may be cited as the ‘Protect Small Businesses from Excessive Paperwork Act of 2025.

Sec. 2. Modification of filing deadline for certain pre-existing reporting companies

Section 5336(b)(1)(B) of title 31, United States Code, is amended by striking before the effective date and all that follows through under this subsection and inserting before January 1, 2024, shall, not later than January 1, 2026.