S. 505 · 119th Congress
‘Protect Small Businesses from Excessive Paperwork Act of 2025
In committee
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Bill details
Introduced: 2/11/2025
Current status: In committee
Introduced by: Tim Scott (R · SC)
Bill ID: 119s505
Latest official action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bill overview
A neutral overview based on official congressional sources.
Introduced in Senate
Protect Small Businesses from Excessive Paperwork Act of 2025 This bill extends the deadline for certain companies that are required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Specifically, the bill requires companies formed or registered before January 1, 2024, to submit this information to FinCEN by January 1, 2026, instead of by January 1, 2025, as required under current regulations.
Source: BILLSUM · Summary date: 2/11/2025
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