(Washington, D.C.) The U.S. House of Representatives Tuesday passed Representative Zach Nunn’s (IA-03) bipartisan bill unanimously to reduce excessive paperwork for small businesses.
The Protect Small Business from Excessive Paperwork Act, co-led by Majority Whip Tom Emmer (MN-06), Representative Sharice Davids (KS-03), and Representative Don Davis (NC-01), will make it easier for Main Street businesses to comply with federal law and reporting requirements.
According to a survey by the National Federation of Independent Businesses (NFIB), 80% of NFIB members have never heard of the new reporting requirements.
Rep. Nunn hosted FinCEN Director Gacki in Des Moines on May 31, 2024, to host a small business roundtable to discuss the new BOI requirements. At this time, Director Gacki reported that only 2 million out of approximately 32.6 million small businesses had filed their reports.
On January 23, 2025, the U.S. Supreme Court declined to block the enforcement of these filing requirements. Now, small businesses across the country are expected to comply immediately or face harsh penalties.
The bipartisan Protect Small Business from Excessive Paperwork Act would extend the filing deadline until January 1, 2026, for small businesses while the Treasury Department educates businesses on the new reporting requirements and ensures small businesses are not overburdened with unclear and unnecessarily complicated new regulations.
This bill now awaits consideration in the Senate.
