[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5119 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 5119

To amend title 31, United States Code, to provide small businesses with 
additional time to file beneficial ownership information, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 1, 2023

Mr. Nunn of Iowa (for himself and Mrs. Beatty) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend title 31, United States Code, to provide small businesses with 
additional time to file beneficial ownership information, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protect Small Business and Prevent 
Illicit Financial Activity Act''.

SEC. 2. BENEFICIAL OWNERSHIP INFORMATION REPORTING DEADLINES FOR SMALL 
              BUSINESSES.

    Section 5336(b)(1) of title 31, United States Code, is amended--
            (1) in subparagraph (B)--
                    (A) by inserting ``(but which may not adjust the 
                report submission deadline)'' after ``Treasury''; and
                    (B) by striking ``in a timely manner, and'';
            (2) in subparagraph (C)--
                    (A) by inserting ``(but which may not adjust the 
                report submission deadline)'' after ``Treasury''; and
                    (B) by striking ``at the time of'' and inserting 
                ``not later than 90 days after the date of such'';
            (3) in subparagraph (D)--
                    (A) by inserting ``(but which may not adjust the 
                report submission deadline)'' after ``Treasury''; and
                    (B) by striking ``in a timely manner, and not later 
                than 1 year'' and inserting ``not later than 90 days''; 
                and
            (4) by adding at the end the following:
                    ``(H) Unable to obtain.--FinCEN may not by rule, 
                guidance, or otherwise, permit any reporting company 
                from submitting a report relating to the inability of 
                the reporting company to obtain or identify information 
                in the alternative to submitting a report required 
                under this subsection.''.
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