WASHINGTON—Idaho Congressman Mike Simpson cosponsored H.R. 425 – the Repealing Big Brother Overreach Act. This legislation repeals the Corporate Transparency Act (CTA) and relieves American small business owners from the burdensome Beneficial Ownership Information (BOI) reporting requirements, heavy fines, and criminal penalties. This legislation is sponsored by Rep. Warren Davidson (R-OH).

“Small business owners bore the brunt under the Biden administration,” said Rep. Simpson. “Due to the Corporate Transparency Act, businesses in Idaho and throughout the nation could face potentially life-altering penalties if they fail to meet specific obligations. Forcing them to disclose private information through unfair regulations is wrong and must be stopped. While corruption has no place in the United States' financial system, repealing the Corporate Transparency Act is a strong first step in pushing back against federal overreach and protecting the privacy of America's small businesses.”

The legality of the CTA’s reporting requirements is currently being deliberated in the federal courts. President Trump recently provided short-term relief from the CTA BOI reporting requirement, but Congress must pass repeal legislation to prevent the CTA from being revived in the next administration.

U.S. Senator Tommy Tuberville (R-AL) has introduced companion legislation in the Senate.

The full text of the legislation is available here.