GCCA Signs onto Letter Supporting Repeal of Corporate Transparency Act

GCCA joined 100 trade associations in a letter urging congress to support legislation that will repeal the Corporate Transparency Act. The “Overreach Act for Repealing Big Brother,” introduced by Representative Warren Davidson (R-OH), seeks to end the burdensome and poorly designed reporting requirements that affect nearly every small business in the United States. It is anticipated that Senator Tommy Tuberville (R-AL) will also introduce a similar bill in the Senate in the near future.

The Corporate Transparency Act (CTA), which came into effect this year, mandates that small businesses and other relevant entities report personal information about their owners and managers to the Financial Crimes Enforcement Network at the Treasury Department. The CTA imposes compliance burdens and criminal penalties on law-abiding business owners while failing to effectively address illicit activities. GCCA looks forward to working with Congress and partners to repeal the CTA and supporting small and individual-owned business