The Irrigation Association, Fairfax, Virginia, signed onto a letter addressed to Senator Tommy Tuberville, R-Alabama, and Congressman Warren Davidson, R-Ohio. The letter, dated April 29, expresses support for the “Repealing Big Brother Overreach Act,” aimed at repealing the Corporate Transparency Act.
The CTA requires small businesses with 20 or fewer employees or $5 million or less in revenues to report their beneficial owners to the Financial Crimes Enforcement Network. The letter criticizes the CTA for its broad definitions and significant compliance burdens on small businesses, arguing that it is unlikely to effectively aid law enforcement in preventing money laundering.
The letter supports the proposed legislation to repeal the CTA, stating that it would eliminate an unnecessary reporting regime and allow for the development of better approaches that balance national security needs with the rights of small business owners.
“The Corporate Transparency is one of the largest, most burdensome, and intrusive pieces of legislation affecting the small business economy in generations,” says Jeff Brabant, vice-president of federal government relations at National Federation of Independent Businesses. “This act singles out and subjects small business owners to civil and criminal penalties for simple paperwork violations, and allows state, federal, and international law enforcement nearly unfettered access to a database containing the private and sometimes confidential information of millions of small business owners. This act is broken beyond repair and NFIB applauds Senator Tuberville and Congressman Davidson for introducing legislation to repeal it.”
