119th Congress
S. 505
‘Protect Small Businesses from Excessive Paperwork Act of 2025
- Introduced
- In committee
- Passed Senate
- Passed House
- To President
- Became law
- Sponsor
- Tim Scott(R-SC)
- Introduced
- Feb 11, 2025
- Policy area
- Finance and Financial Sector
- Committees
- Senate Committee on Banking, Housing, and Urban Affairs
- Official text
- Introduced in Senate · Congress.gov page
Cosponsors (12)
Original cosponsors (10)
- Bill Hagerty (R-TN)
- Cynthia M. Lummis (R-WY)
- James Lankford (R-OK)
- Jerry Moran (R-KS)
- Jim Banks (R-IN)
- Katie Boyd Britt (R-AL)
- Kevin Cramer (R-ND)
- Mike Rounds (R-SD)
- Pete Ricketts (R-NE)
- Thom Tillis (R-NC)
Added later (2)
- Bernie Moreno (R-OH) · Feb 26, 2025
- Mike Crapo (R-ID) · Mar 10, 2025
Summary
Summary by the Congressional Research Service· describes the “Introduced in Senate” version
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.
Roll-call votes
No recorded votes on this bill.
Actions
- Feb 11, 2025 · Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. - Feb 11, 2025
Introduced in Senate