The U.S. House has passed a bill that extends the deadline for small businesses to report their beneficial ownership information (BOI) as mandated by the Corporate Transparency Act.
The House passed the bill on Monday, Feb. 10. The bill, which goes to the Senate next, extends the deadline for filing BOI reports to Jan. 1, 2026.
Sen. Tim Scott, the chairman of the Senate Banking Committee, also introduced a companion bill on Tuesday, Feb. 11.
Both bills only affect reporting companies that existed before Jan. 1, 2024. They do not affect companies formed after that date. Read more.