**House Passes Bill to Ease Small Business Paperwork Requirements**

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about 1 month ago - Politics

House Passes Bill to Help Small Businesses Manage Paperwork

In a significant move, the House of Representatives has passed a new bill designed to help small businesses reduce the amount of paperwork they need to handle. The bill, named the "Protect Small Businesses from Excessive Paperwork Act," aims to make life a little easier for small company owners.

Under the new law, small businesses that were established before January 1, 2024, now have an extended deadline until January 1, 2026, to provide important ownership information. This means they will have more time to complete the necessary reports regarding who really owns and benefits from their business. This extra time is crucial because many small business owners often find it challenging to manage paperwork due to their limited staff and resources.

The purpose of this bill is to reduce stress and confusion for these business owners. By easing the requirements, lawmakers want to help them focus on running their businesses rather than getting overwhelmed with paperwork. This change emphasizes the importance of supporting small companies, ensuring they can operate without the burden of excessive administrative tasks.

Ultimately, the House's decision to pass this bill is a step towards fostering a better environment for small businesses, allowing them to grow and thrive without the worry of strict deadlines tied to reporting ownership details.

This is a bill that changes when businesses must report ownership information.

The most important point is that companies formed before January 1, 2024, now have until January 1, 2026, to file their ownership reports.

Here are the key details:

  1. Businesses need to share who owns them to be transparent.
  2. The deadline for these reports has been extended by two years.
  3. This is meant to help small businesses by reducing paperwork and giving them more time.

The goal is to make it easier for businesses while still keeping important information available.

408 votes

Yes

408

No

0

-

Not Voting

25

  1. Motion to reconsider laid on the table Agreed to without objection.
  2. On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 408 - 0 (Roll no. 37).
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  3. Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 408 - 0 (Roll no. 37).
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  4. Considered as unfinished business.
  5. At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  6. DEBATE - The House proceeded with forty minutes of debate on H.R. 736.
  7. Considered under suspension of the rules.
  8. Mr. Hill (AR) moved to suspend the rules and pass the bill.
  9. Introduced in House

    This is a bill that changes when businesses must report ownership information.

    The most important point is that companies formed before January 1, 2024, now have until January 1, 2026, to file their ownership reports.

    Here are the key details:

    1. Businesses need to share who owns them to be transparent.
    2. The deadline for these reports has been extended by two years.
    3. This is meant to help small businesses by reducing paperwork and giving them more time.

    The goal is to make it easier for businesses while still keeping important information available.

  10. Referred to the House Committee on Financial Services.
  11. Introduced in House