Tuberville to Reintroduce Bill to Repeal the Corporate Transparency Act

WASHINGTON - U.S. Senator Tommy Tuberville (R-AL) continues to build support for his Repealing Big Brothers Overreach Act in the Senate in advance of reintroducing the bill in the 119^th Congress. The legislation would repeal the disastrous Corporate Transparency Act (CTA), which forces businesses to disclose financial matters to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) database or face jail time and/or pay a $10,000 fine per violation.

The Corporate Transparency Act was originally set to take effect on January 1, 2025, but a "stay" is currently in place as the law is being debated in federal court.

Senator Tuberville penned an op-ed and delivered a floor speech about the bill after introducing it in May 2024.

"The Corporate Transparency Act is an outright attack on the 32 million small businesses in this country," said Sen. Tuberville. "This includes farmers, restaurants, gyms, and lawn service companies. The CTA specifically targets working Americans with an LLC, and failure to comply could put business-owners in jail for up to two years per violation-plus $10,000 per violation. Small businesses are the backbone of this country, and the CTA is a slap in the face to each and every small business owner. This is an unprecedented big government overreach, and it must be repealed immediately."

The Repealing Big Brother Overreach Act has been endorsed by over 100 trade organizations including the National Federation of Independent Business, the S Corporation Association, and Americans for Tax Reform.

BACKGROUND:

Signed into law as part of the FY21 National Defense Authorization Act (NDAA), the CTA requires individuals with an ownership interest in a limited liability company (LLC) to disclose personal data with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). The CTA specifically targets American small business owners-and failure to comply could result in up to two years of jail time and fines of up to $10,000 per violation.

Sen. Tuberville's legislation, the Repealing Big Brother Overreach Act, would overturn the CTA in its entirety.

MORE:

Tuberville Introduces Legislation to Repeal Corporate Transparency Act, Protect Small Businesses

Tuberville Slams Corporate Transparency Act, Previews Legislation to Protect Small Businesses

ICYMI: Tuberville in Newsweek: The Corporate Transparency Act Means Jail Time for Small Business Owners

ICYMI: Tuberville Joins "Kudlow" on Fox Business to Discuss Trump Trial, Legislation to Protect Small Businesses

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans' Affairs, and HELP Committees.

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