Protect Small Businesses from Excessive Paperwork Act of 2025
Protect Small Businesses from Excessive Paperwork Act of 2025 would push back the filing deadline for beneficial ownership information (BOI) reports for certain older companies. Specifically, it amends the filing deadline for reporting companies formed or registered before January 1, 2024. Instead of tying the deadline to the regulator’s stated effective date, the bill sets a hard deadline of January 1, 2026. The goal is to ease regulatory burden on small businesses by providing more time to submit BOI information under the Corporate Transparency Act framework. Note: The BOI requirement applies to certain “reporting companies,” including details about individuals who own or control those companies. The bill does not change which entities must report or the basic purpose of BOI reporting; it only changes the deadline for older entities.
Key Points
- 1Purpose: Extend the regulatory filing window to reduce paperwork burden on small businesses.
- 2Scope: Applies to reporting companies formed or registered before January 1, 2024; does not change deadlines for newer companies.
- 3New deadline: BOI reports must be filed not later than January 1, 2026.
- 4Legal change: The amendment modifies 31 U.S.C. 5336(b)(1)(B), replacing the prior timing language with the fixed date.
- 5Status: Introduced in the Senate during the 119th Congress; previously passed the House (February 10, 2025) and referred to the Senate Committee on Banking, Housing, and Urban Affairs.