Bill to Repeal Corporate Transparency Act Reintroduced
Sen. Tommy Tuberville, R-Ala., and Rep. Warren Davidson, R-Ohio, reintroduced a bill Jan. 15 to repeal the Corporate Transparency Act, which would require many companies to submit information on who owns and controls them.
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The lawmakers say the CTA would invade the privacy of small business owners. The reporting requirements mandated by the law were scheduled to take effect this month but have been put on hold amid a legal challenge (see 2412270046).
The bill, titled the Repealing Big Brother Overreach Act, was referred to the Senate Banking Committee and the House Financial Services Committee. It was previously introduced in 2024 (see 2405030058).