On January 1, 2024, a new small business ownership registry was implemented, causing concern among small business owners. The National Federation of Independent Business (NFIB) is actively working to repeal this requirement that imposes unnecessary burdens on small businesses. Ohio Representative Warren Davidson and Alabama Senator Tommy Tuberville have sponsored legislation in Congress to repeal the Corporate Transparency Act and its associated reporting registry.
In a recent podcast, Rep. Davidson and Sen. Tuberville discuss the reasons behind their efforts to repeal the registry, highlighting the impact it has on over 30 million small businesses. They also address the security threats posed by the database created by the registry. NFIB Vice President of Government Relations, Jeff Brabant, provides insight into the new reporting requirement and the implications it holds for small business owners. He also outlines the penalties that businesses may face for failing to comply with the reporting obligations.
Ohio Representative Warren Davidson recently discussed his concerns about a new small business ownership registry that went into effect on January 1st, 2024 in a recent podcast along with Alabama Senator Tommy Tuberville who has also been an advocate for its repeal. The two congressmen highlighted how this requirement imposed unnecessary burdens on over 30 million small businesses across the country and emphasized on the importance of advocating for its repeal due to significant security threats posed by this database created as part of this act.
