WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) introduced legislation to repeal the Corporate Transparency Act (CTA) and protect small businesses. Signed into law as part of the Fiscal Year 2021 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. Senator Tuberville’s legislation, the Repealing Big Brother Overreach Act, would overturn the CTA in its entirety.
“The Corporate Transparency Act is big-government overreach at its worse,” said Senator Tuberville.“The Biden Treasury Department is attempting to create a database on every American business owner. Failure to register by the end of the year could land you in jail. This unprecedented intrusion into personal privacy must be stopped. You’d expect this sort of thing in Communist China but not in the United States of America. I am proud to be partnering with Congressman Warren Davidson in introducing a bill to repeal the Corporate Transparency Act.”
Congressman Warren Davidson (R-OH) introduced companion legislation in the U.S. House of Representatives.
“The Financial Crimes Enforcement Network (FinCEN) is violating the personal privacy of American business owners by forcing them to disclose sensitive information. The Corporate Transparency Act must be repealed,” said Rep. Warren Davidson.“Congress must ensure that the federal government fits within the Constitution. That’s why I’m introducing this legislation and asking my colleagues to join me to pass it.”
Joining Sen. Tuberville in introducing the Senate bill are Senators John Barrasso (R-WY), Ted Budd (R-NC), Cindy Hyde-Smith (R-MS), Mike Lee (R-UT), Roger Marshall (R-KS), Rick Scott (R-FL), Thom Tillis (R-NC), and J.D. Vance (R-OH).
The bill has been endorsed by over 100 trade organizations including: the National Federation of Independent Business, the S Corporation Association, and Americans for Tax Reform.
Senator Tuberville penned an op-ed and delivered a floor speech about the bill. Text of the bill may be found here.
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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