This week, legislation was introduced in the House calling to repeal the Corporate Transparency Act.
This week, in addition to NSBA’s testimony before the House Small Business Committee, legislation was introduced in the House to repeal the Corporate Transparency Act (CTA).
Congressman Warren Davidson (R-Ohio) has introduced legislation, the “Repealing Big Brother Overreach Act” which would repeal the CTA. Companion legislation is expected to be dropped in the Senate next week by Sen. Tommy Tuberville (R-Ala.).
This bill would end the CTA’s unnecessary reporting regime, as well as better equip Congress to craft a better approach to balance national security needs with interests and rights of law-abiding small-business owners.
NSBA joined a broad coalition of trade associations in thanking Rep. Davidson and Sen. Tuberville for their efforts to repeal the CTA in a simple, straightforward fashion.
In addition to this legislative option to repeal the CTA, NSBA is still pursuing its case against the U.S. Department of Treasury. Last month, a federal court ruled the CTA unconstitutional.
Despite this victory for the NSBA and the small-business community, Treasury officials have made it clear the CTA is still in effect for small-business owners who were not members of NSBA at the time of the decision, and they intend to overturn this ruling.
Follow NSBA as we continue our fight against the CTA legally and legislatively, and read the full letter to Congress here.
