S 505119th CongressIn Committee

‘Protect Small Businesses from Excessive Paperwork Act of 2025

Introduced: Feb 11, 2025

Standard Summary

Comprehensive overview in 1-2 paragraphs

This bill, the Protect Small Businesses from Excessive Paperwork Act of 2025, would extend the deadline for filing beneficial ownership information (BOI) reports for certain pre-existing reporting companies. Specifically, it amends 31 U.S.C. 5336(b)(1)(B) to require reporting companies formed or registered before January 1, 2024 to file their BOI reports no later than January 1, 2026. The change is aimed at reducing regulatory burden on small businesses that may face challenges meeting tighter initial deadlines under the Corporate Transparency Act (CTA). The bill does not change who must report or what information must be reported; it simply pushes back the filing deadline for a subset of pre-2024 entities. The bill is introduced in the Senate (S. 505) on February 11, 2025, sponsored by Senator Scott (and several co-sponsors). It has been referred to the Committee on Banking, Housing, and Urban Affairs. If enacted, the extended deadline would apply to reporting companies formed or registered before 2024, giving them an extra two years to comply.

Key Points

1The bill changes the filing deadline for BOI reports for pre-2024 entities: those formed or registered before January 1, 2024 must file by January 1, 2026.
2The provision amends 31 U.S.C. 5336(b)(1)(B) by removing language referencing an earlier deadline and inserting the new date.
3The short title is the Protect Small Businesses from Excessive Paperwork Act of 2025.
4The bill limits its scope to pre-existing reporting companies; it does not alter deadlines for entities formed or registered on or after January 1, 2024.
5Status and process: introduced in the Senate on February 11, 2025, and referred to the Committee on Banking, Housing, and Urban Affairs for consideration.

Impact Areas

Primary group/area affected:- Small and middle-market businesses that are reporting companies formed or registered before 2024, along with their owners and corporate compliance staff. They receive an extended timeline to gather and submit BOI information.Secondary group/area affected:- Financial institutions and FinCEN’s regulatory framework, since BOI data is used to fulfill the Corporate Transparency Act reporting requirements. The delay could affect bank readiness and enforcement timelines indirectly.Additional impacts:- Administrative and compliance burden: potential relief for pre-2024 entities from a tight deadline, possibly reducing early-stage regulatory costs and disruptions.- Transparency and enforcement: the public availability and usefulness of BOI data may be temporarily affected for this subset of entities, pending the later filing dates.- Fiscal/implementation considerations: the bill does not specify funding or specific implementation costs, and it leaves in place the broader framework of the CTA and related reporting requirements.

Generated by gpt-5-nano on Nov 19, 2025