Senator Seeks to Extend Deadline for BOI Reporting Rule

Senate Banking Committee Chairman Tim Scott, R-S.C., introduced a bill on Feb. 11 to give companies more time to comply with the ownership reporting requirements of the Corporate Transparency Act (CTA). The Protect Small Businesses From Excessive Paperwork Act, which has 10 co-sponsors, would extend the filing deadline in the CTA-mandated beneficial ownership information (BOI) rule by a year, to Jan. 1, 2026. The House unanimously passed the legislation Feb. 10 (see 2502110032).