Protect Small Business and Prevent Illicit Financial Activity Act
Impact
If enacted, SB3625 would specifically modify existing deadlines for small businesses in relation to their beneficial ownership filings. This change is significant as it acknowledges the reality that many small businesses may struggle with the rapid turnover of required filings and may benefit from extended time frames. The intention is to enhance compliance rates among small businesses by offering them a more manageable timeline to fulfill these obligations, ultimately supporting their operations and sustainability in the competitive marketplace.
Summary
SB3625, also known as the ''Protect Small Business and Prevent Illicit Financial Activity Act'', seeks to amend Title 31 of the United States Code to provide small businesses with additional time to file beneficial ownership information. This bill aims to alleviate some of the regulatory burdens on small businesses by extending deadlines related to the submission of crucial ownership data, which is often required to combat illegal financial practices. The proposed legislation demonstrates a recognition of the unique challenges faced by smaller enterprises in complying with federal regulations and aims to mitigate the potential repercussions of non-compliance.
Contention
Key points of contention surrounding SB3625 may arise from concerns over the potential for extended deadlines to undermine efforts aimed at preventing illicit financial activity. Some critics may argue that while supporting small businesses is essential, allowing for additional time to file beneficial ownership information could slow down the government's ability to monitor and combat financial crimes, such as money laundering or fraud. Conversely, supporters of the bill will emphasize the importance of helping small businesses thrive without the threat of punitive measures for delays in filing, framing it as a necessary balance between regulatory oversight and practical business operations.
To amend the Internal Revenue Code of 1986 to provide a credit to small businesses for research activities related to the mitigation of certain drug threats.