NFIB Weekly News

NFIB Weekly News Business Climate

NFIB Cites High Compliance Costs As Reason To Vote No On The Corporate Transparency Act (10/22/2019)

MarketWatch (10/21, Reklaitis) reports the House of Representatives is expected to vote on the Corporate Transparency Act this week. Marketwatch says the bill’s supporters “are sounding optimistic and highlighting how the measures have scored significant backing from Republicans and Democrats,” with a bipartisan set of sponsors for it, and a related bill, the ILLICIT CASH Act, in the Senate. However, the NFIB is urging a no vote from lawmakers as the bill could “saddle small businesses with $5.7 billion in compliance costs over a decade.” Brad Close, NFIB’s senior vice president for public policy said of the Corporate Transparency Act: “We are supportive of efforts to curb money laundering, terrorism and other criminal activities, but this bill is not the answer. ... Small business owners cannot afford the additional compliance costs or serious privacy risks that come with this legislation.”