Sponsors (35)
Repeals the Corporate Transparency Act and related statutory provisions, removing the federal beneficial‑ownership reporting requirement and making conforming edits to Title 31 U.S.C. and anti‑money‑laundering laws.
Repealing the Corporate Transparency Act reduces reporting burdens and increases privacy for small businesses and individuals but significantly diminishes ownership transparency that helps law enforcement, sanctions enforcement, and anti-money-laundering efforts, shifting risks and potential costs onto taxpayers and financial institutions.
Small businesses and financial institutions will face fewer reporting obligations because beneficial ownership reporting under the Corporate Transparency Act would be eliminated, lowering ongoing compliance time and costs for those required to report.
Taxpayers, small-business owners, and other filers gain greater privacy as the national beneficial ownership database and related federal disclosure mandates would be removed.
State governments would experience reduced administrative burden because they would no longer need to help implement or respond to federal beneficial-ownership information collection.
Law enforcement, regulators, and the public face weaker ability to trace illicit finance and shell companies because eliminating the Corporate Transparency Act removes a centralized source of ownership information, increasing risks of fraud, money laundering, and criminal concealment.
U.S. sanctions and export-control enforcement would become less effective because reduced ownership transparency makes it harder to identify sanctioned actors and enforce financial restrictions.
Taxpayers and the broader public may shoulder higher long-term enforcement and remediation costs if illicit finance and fraud increase after repeal, offsetting near-term reporting savings to small businesses.
Based on analysis of 2 sections of legislative text.
Official title: Repeal the Corporate Transparency Act.
Introduced January 15, 2025 by Thomas Hawley Tuberville · Last progress January 15, 2025
Repeals the Corporate Transparency Act and related amendments enacted in the 2021 National Defense Authorization Act, removing the federal beneficial-ownership reporting requirement and making technical/conforming edits to Title 31 U.S.C. and related anti-money-laundering provisions. The bill contains no new funding, deadlines, or program authorizations and only two short sections: a citation/title and the repeal plus statutory cleanup.