HR736-119

Passed House

Protect Small Businesses from Excessive Paperwork Act of 2025

119th Congress Introduced Jan 24, 2025

Summary

What This Bill Does

The Protect Small Businesses from Excessive Paperwork Act amends 31 U.S.C. 5336(b)(1)(B), the Corporate Transparency Act beneficial-ownership reporting provision. Instead of requiring companies formed before the effective date of the beneficial-ownership regulations to file within two years after the regulations' effective date, the bill gives reporting companies formed before January 1, 2024 until January 1, 2026 to file.

Who Benefits and How

Pre-existing reporting companies, small business owners, Main Street businesses, accountants advising small businesses, corporate formation services, and compliance software users benefit because they receive more time to gather beneficial-owner information and file reports before facing enforcement risk.

Who Bears the Burden and How

Financial Crimes Enforcement Network staff, anti-money-laundering investigators, law-enforcement users of beneficial-ownership data, banks conducting customer due diligence, and transparency advocates must wait longer for beneficial-ownership data from pre-2024 entities and lose earlier access to reports that could support investigations, customer due diligence, and transparency analysis.

Key Provisions

  • Amends the beneficial-ownership reporting deadline in 31 U.S.C. 5336(b)(1)(B).
  • Applies to reporting companies formed before January 1, 2024.
  • Extends the filing deadline to January 1, 2026.
  • Reduces near-term paperwork pressure on existing small businesses.
  • Delays FinCEN access to beneficial-ownership reports for affected pre-existing companies.

Evidence Chain:

This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.

At a Glance

What This Bill Does

Extends the Corporate Transparency Act beneficial-ownership filing deadline for reporting companies formed before January 1, 2024 to January 1, 2026.

Key Policy Areas

Small Business, Financial Crimes, Compliance, Beneficial Ownership

Primary Purpose

Extends the Corporate Transparency Act beneficial-ownership filing deadline for reporting companies formed before January 1, 2024 to January 1, 2026.

Policy Domains

Small Business Financial Crimes Compliance Beneficial Ownership

Substantive provisions

Identified Gains
  • Pre-existing reporting companies
  • Small business owners
  • Main Street businesses
  • Accountants advising small businesses
  • Corporate formation services
  • Compliance software users
Model: codex-gpt-5 | Version: bill_summary_v2 | Source: ih
Small business owners:
Main Street businesses:
Compliance software users:
Corporate formation services:
Pre-existing reporting companies:
Accountants advising small businesses:
Identified Costs
  • Financial Crimes Enforcement Network staff
  • Anti-money-laundering investigators
  • Law-enforcement users of beneficial-ownership data
  • Banks conducting customer due diligence
  • Transparency advocates
Model: codex-gpt-5 | Version: bill_summary_v2 | Source: ih
Transparency advocates:
Anti-money-laundering investigators:
Banks conducting customer due diligence:
Financial Crimes Enforcement Network staff:
Law-enforcement users of beneficial-ownership data:

Legislative Progress

Passed House
Introduced Committee Passed
Feb 11, 2025

Received; read twice and referred to the Committee on Banking, …

Feb 11, 2025

Received in the Senate and Read twice and referred to …

Feb 11, 2025 (inferred)

Passed House (inferred from eh version)

Feb 10, 2025

Passed/agreed to in House: On motion to suspend the rules …

Feb 10, 2025

Considered as unfinished business. (consideration: CR H606)

Feb 10, 2025

DEBATE - The House proceeded with forty minutes of debate …

Feb 10, 2025

Considered under suspension of the rules. (consideration: CR H599-601)

Feb 10, 2025

Mr. Hill (AR) moved to suspend the rules and pass …

Feb 10, 2025

At the conclusion of debate, the Yeas and Nays were …

Feb 10, 2025

Motion to reconsider laid on the table Agreed to without …

Stakeholder Effects

cui bono?

How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.

Small Business
2 mentions across 1 clause
+2 positive

Pre-existing reporting companies, Small business owners

Financial Services
2 mentions across 1 clause
-2 negative

Anti-money-laundering investigators, Banks conducting customer due diligence

Professional Services
1 mention across 1 clause
+1 positive

Accountants advising small businesses

Government
1 mention across 1 clause
-1 negative

Financial Crimes Enforcement Network staff

1/2
sections analyzed
Full impact breakdown

Bill Structure & Actor Mappings

Who is "The Secretary" in each section?

Domains
Small Business Financial Crimes Compliance Beneficial Ownership
Actor Mappings
"cta"
→ Corporate Transparency Act
"fincen"
→ Financial Crimes Enforcement Network

We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.

Learn more about our methodology