The National Federation of Independent Business (NFIB) has joined more than 100 trade associations in urging the U.S. Treasury to remove all U.S. businesses from the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) database and to expedite a final rule that would exempt these businesses from reporting requirements.
In a letter addressed to U.S. Secretary of the Treasury Scott Bessent, the coalition expressed concerns about the impact of BOI regulations on small businesses. Josh McLeod, NFIB Director of Federal Government Relations, stated: “The Corporate Transparency Act has created a privacy, constitutional, and security nightmare for law-abiding Main Street business owners while failing to stop the criminal activity it was intended to target.” He added: “NFIB strongly urges the current Administration to destroy the unconstitutionally collected BOI data of America’s small businesses and issue a final rule that will exempt U.S. small businesses from BOI reporting requirements.”
NFIB has opposed Beneficial Ownership Information reporting regulations for over six years through legislative advocacy and legal challenges. The organization warns that if these rules are not repealed, approximately 32 million small businesses could be affected by what they describe as unnecessary and invasive mandates. Non-compliance with these requirements could result in criminal penalties including up to two years in federal prison and fines up to $10,000.
NFIB is a nonprofit organization representing small and independent business owners across all 50 states since its founding in 1943.
