118 HR 5119 IH: Protect Small Business and Prevent Illicit Financial Activity Act U.S. House of Representatives 2023-08-01 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 5119IN THE HOUSE OF REPRESENTATIVESAugust 1, 2023Mr. Nunn of Iowa (for himself and Mrs. Beatty) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo amend title 31, United States Code, to provide small businesses with additional time to file beneficial ownership information, and for other purposes.

1.

Short title

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

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. .