Protect Small Businesses from Excessive Paperwork Act of 2025 in plain language
1: Short title
This section gives the Act a short title: the Protect Small Businesses from Excessive Paperwork Act of 2025. It states the name only and does not create any requirement on its own.
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1. Short title This Act may be cited as the Protect Small Businesses from Excessive Paperwork Act of 2025 .
2: Modification to filing deadline for certain pre-existing reporting companies
This section would change the deadline in federal law (31 U.S.C. 5336(b)(1)(B)) for when a reporting company that already existed before the beneficial ownership reporting rules took effect must file its beneficial ownership information report. Under the current rule, a reporting company formed or registered before the effective date of the regulations must file its report not later than 2 years after that effective date. This section would replace that rule so that a reporting company formed or registered before January 1, 2024, would instead have to file its report not later than January 1, 2026.
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2. Modification to filing deadline for certain pre-existing reporting companies Section 5336(b)(1)(B) of title 31, United States Code, is amended by striking before the effective date of the regulations prescribed under this subsection shall, in a timely manner, and not later than 2 years after the effective date of the regulations prescribed under this subsection, and inserting before January 1, 2024, shall, not later than January 1, 2026, .