Letters to Washington
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April 29, 2024
Coalition Letter to Sen. Tuberville and Rep. Davidson on Repealing Big Brother Overreach Act
The undersigned organizations, representing millions of small businesses, strongly support legislation to repeal the Corporate Transparency Act (CTA). Your bill, appropriately entitled the Repealing Big Brother Overreach Act, would put an end to this poorly constructed and onerous reporting regime. The CTA was designed to help law enforcement prevent money laundering by requiring shell companies to report information regarding their beneficial owners (BOI) to the Department of the Treasury. The law, however, defines a shell company as any legal entity with 20 or fewer employees or $5 million or less in revenues – in other words, every small business in the United States.