GCCA joined 130 other associations and stakeholders in sending a letter to Chairman Brown and Ranking Member Scott on the Senate Committee on Banking in support of including language in the FY2025 National Defense Authorization Act requiring a one-year delay in the Corporate Transparency Act’s (CTA) filing deadline.

The amendments by Senators Tim Scott and James Lankford aim to provide additional time for educating small business owners about the Corporate Transparency Act’s (CTA) new reporting requirements and penalties, allowing a full two years for compliance as originally intended by Congress. Despite the start of CTA filing this year, less than 10% of the estimated 28 million covered businesses have registered due to a lack of awareness. Recent court decisions have added confusion, with a ruling declaring the CTA unconstitutional now under appeal. The Financial Crimes Enforcement Network (FinCEN) continues to enforce the CTA, creating compliance disparities. Lawmakers initially set a two-year deadline for existing entities to comply, but FinCEN shortened this to one year, complicating compliance efforts. The proposed one-year delay by Scott and Lankford aligns with previous bipartisan legislation and seeks to address these issues.

GCCA is pleased to see broad support from multiple industries and applauds Senators Tim Scott and James Lankford for their leadership in proposing these amendments

Published Date

July 29, 2024

Topic

Advocacy, Government & Regulatory Affairs

Region

United States

Sector

Controlled Environment Building, GCCA Transportation, GCCA Warehouse, Global Cold Chain Foundation