House Passes Beneficial Ownership Reporting Extension

Regulations
Published

This post has been updated.

The House has approved legislation by a unanimous 408-0 vote that would grant small businesses, formed before Jan. 1, 2024, a one-year extension to comply with the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting.

Prior to the House vote on the Protect Small Businesses from Excessive Paperwork Act, NAHB sent a letter of support for the bill because the extension would give our members more time to understand and comply with BOI reporting rules.

NAHB worked closely with Senate Banking Committee Chairman Tim Scott (R-S.C.) to get a companion bill introduced in the Senate just days after the measure passed the House.

Senate Banking Committee members, including Sens. Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Boyd Britt (R-Ala.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.) and Kevin Cramer (R-N.D.) joined Sen. Scott on the legislation. Sens. Jerry Moran (R-Kan.) and James Lankford (R-Okla.) also signed onto the bill.

The Financial Crimes Enforcement Network (FinCEN), which oversees the implementation of the CTA, issued a statement on Jan. 24 putting a halt to small business reporting requirements — regardless of when they were formed. While FinCEN’s administrative action is helpful, having Congress step in to pass legislation will codify the one-year extension and provide a durable grace period.

As this legislation moves through the process, companies must be aware that the situation surrounding FinCEN’s pause and the courts’ action is fluid and could still change. That’s because several court cases are ongoing regarding the rule.

NAHB will continue to work on the legislative and legal fronts to ensure small businesses have ample time to file BOI with FinCEN.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Labor

Sep 04, 2025

Open Construction Jobs Rise in July

Running counter to the national trend, the number of open construction sector jobs increased from a revised 242,000 level in June to 306,000 in July.

Sponsored Content

Sep 03, 2025

Project Funding Crisis: How Top Builders Secure Money When Others Can't

Relying solely on a traditional lender is risky in today’s environment. Smart builders line up more than one source of funding. That way, projects stay on track, crews keep working, and reputations stay solid.

View all

Latest Economic News

Economics

Sep 03, 2025

Open Construction Jobs Rise in July

The count of open, unfilled positions in the construction industry increased in July, per the June Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) as the national labor market cooled.

Economics

Sep 03, 2025

House Price Appreciation by State and Metro Area: Second Quarter 2025

House price growth continued to slow in the second quarter of 2025, as the housing market faces mounting pressure from high mortgage rates, elevated inventory, and persistent economic uncertainty.

Economics

Sep 02, 2025

June Private Residential Construction Spending Edges Higher

Private residential construction spending inched up 0.1% in June, registering the first monthly gain after six consecutive declines.