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

Student Chapters | Workforce Development

Jul 25, 2025

NAHB's Student Chapters Helped Give Her Confidence to Pivot Careers

Zhetique Gunn's early exposure to building and problem-solving has led to national recognition and a city-level impact as an urban planner in Washington, D.C.

Jul 24, 2025

Federal Court Upholds New York State Gas Ban

The federal court for the Northern District of New York on July 23 upheld New York state’s “gas ban” legislation. New York’s legislation is the first statewide law that restricts natural gas use in new buildings, effectively banning gas stoves and other fossil fuel appliances in most new construction starting in 2026.

View all

Latest Economic News

Economics

Jul 25, 2025

Market Share of 5,000+ Square Foot New Homes Started Declines in 2024

In 2024, there were 24,000 homes that exceeded 5,000 square feet, equating to a 2.3% market share of all new homes started. Both the number and market share for 5,000+ square foot homes experienced declines from 2023, according to the annual data from the Census Bureau’s Survey of Construction (SOC).

Economics

Jul 24, 2025

New Home Sales Hold Steady at a Relatively Tepid Level

Challenging affordability conditions, elevated interest rates and economic uncertainty continue to act as headwinds on the housing sector as many potential buyers continue to stay on the sidelines.

Economics

Jul 23, 2025

Existing Home Sales Retreat to 9-Month Low

Existing home sales fell to 9-month low in June as home prices hit another monthly record high, according to the National Association of Realtors (NAR). Sluggish pace of sales suggest that higher mortgage rates and elevated home prices are continuing to sideline buyers, despite improved inventory conditions.