Good news for the lazy days of summer! The Trump Treasury Department has finalized its revised beneficial ownership information (BOI) reporting rule and committed to permanently deleting the sensitive personal data prematurely collected from millions of U.S. business owners. This is a significant victory for Main Street and the latest chapter in our years-long fight against the Corporate Transparency Act.

Treasury estimates the rule will generate $9 billion in annual compliance savings. That’s a huge sum, but it doesn’t account for the funds Main Street businesses have already spent trying to decipher this unnecessary rule. This reply to S-Corp ally …

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Yesterday, the House Rules Committee declined to make in order an amendment to the National Defense Authorization Act (NDAA) that would have protected Main Street businesses from the CTA’s burdensome beneficial ownership reporting requirements. The amendment, led by Representatives Warren Davidson and Michelle Fischbach, was ultimately left out of the 312 amendments made in order for floor consideration.

Apparently, Rules was concerned that the amendment was not germane to the defense bill. That’s odd, given the CTA originally became law by riding on the NDAA back in 2020.

The decision also came despite more than 60 trades, including the S Corporation …

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More than 90 trade associations sent a letter today urging the federal government to support Supreme Court review of the Corporate Transparency Act. The letter calls on Treasury and DOJ to back the two pending cert petitions currently before the Court — National Small Business United v. Bessent and Texas Top Cop Shop, Inc. v. Blanche — so that the fundamental constitutional questions raised by the CTA can be resolved once and for all.

The letter was led by the S Corporation Association and comes as the CTA faces mounting legal and political pressure from the business community. …

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More good news on the CTA front. Fresh on the heels of the House Financial Services Committee advancing CTA relief, the Senate has stepped up with legislation of its own. Senators John Kennedy (R-LA) and Mike Lee (R-UT) introduced a bill this week that mirrors the House approach, codifying Treasury’s March 2025 rule limiting beneficial ownership information reporting to foreign entities only, while also requiring FinCEN to delete the personal data already collected from American business owners under the original mandate.

It’s a welcome development and a sign that momentum is building on both sides of the Capitol.

The Kennedy-Lee …

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As we previewed recently, the House Financial Services Committee yesterday advanced legislation that would repeal the Corporate Transparency Act’s reporting requirements for over 30 million American businesses. The measure – as amended and approved by the panel – codifies a Treasury Department rule limiting the CTA’s scope only to foreign entities, while protecting sensitive information already collected under the state by requiring a purge of the beneficial ownership database.

It’s a huge win for the tens of millions of Main Street businesses targeted by this ill-conceived reporting regime, and marks a new milestone in our efforts to rein in …

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