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S. 505Senate119th Congress (2025-2027)In Committee

‘Protect Small Businesses from Excessive Paperwork Act of 2025

A bill to amend title 31, United States Code, to modify the deadline for filing beneficial ownership information reports for reporting companies formed or registered before January 1, 2024.

Sponsored by Tim ScottSen. Tim Scott (R-SC)
Introduced February 11, 2025

AI-Generated Summary

Updated November 24, 2025 at 2:49 AM UTC

The bill updates the corporate transparency rules by extending the reporting deadline for existing small businesses that must disclose their owners. It gives companies that were already in existence before Jan 1 2024 an extra two years to submit the required beneficial‑ownership information, easing the paperwork burden on those firms.

Key Provisions

  • Changes the filing deadline for beneficial ownership information for companies that were formed or registered before January 1, 2024. Instead of the original deadline tied to the law’s effective date, these companies must file their reports no later than January 1, 2026.

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

February 11, 2025

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SenateIntro Referral

Introduced in Senate

February 11, 2025

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

February 11, 2025

Bill Text

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Introduced in SenateIssued February 11, 2025

II

119th CONGRESS

1st Session

S. 505

IN THE SENATE OF THE UNITED STATES

February 11, 2025

Mr. Scott of South Carolina (for himself, Mr. Rounds, Mr. Moran, Mr. Hagerty, Mr. Ricketts, Mr. Lankford, Mr. Cramer, Ms. Lummis, Mrs. Britt, Mr. Tillis, and Mr. Banks) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To amend title 31, United States Code, to modify the deadline for filing beneficial ownership information reports for reporting companies formed or registered before January 1, 2024.

1.

Short title

This Act may be cited as the ‘Protect Small Businesses from Excessive Paperwork Act of 2025.

2.

Modification of filing deadline for certain pre-existing reporting companies

Section 5336(b)(1)(B) of title 31, United States Code, is amended by striking before the effective date and all that follows through under this subsection and inserting before January 1, 2024, shall, not later than January 1, 2026.