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

<DOC>





                                                 Union Calendar No. 244
118th CONGRESS
  1st Session
                                H. R. 5119

                          [Report No. 118-303]

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

                           December 11, 2023

            Additional sponsors: Mr. Meuser and Mr. Sherman

                           December 11, 2023

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
[For text of introduced bill, see copy of bill as introduced on August 
                                1, 2023]


_______________________________________________________________________

                                 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 a 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.''.
                                                 Union Calendar No. 244

118th CONGRESS

  1st Session

                               H. R. 5119

                          [Report No. 118-303]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                           December 11, 2023

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed