Pulaski Times

Incoming House Financial Services Committee Chairman French Hill has voiced his dissatisfaction following the reinstatement of the reporting deadline for the Corporate Transparency Act (CTA) by the Fifth Circuit Court of Appeals. The new due date is set for January 13, 2025, reversing a previous nationwide pause.

Hill expressed concern about the impact on small business owners both in central Arkansas and nationwide. He stated, "I am deeply disappointed that small business owners in central Arkansas and across our nation are again being forced to meet the imminent January 2025 deadline under threat of severe civil and criminal penalties."

Hill criticized the Biden-Harris Administration for what he sees as inadequate communication regarding these requirements. "The Biden-Harris Administration has not only failed to inform small businesses of this burdensome reporting requirement but has doubled down on this rapidly approaching deadline even though many small businesses remain unaware or unprepared due to an ironic lack of transparency and adequate outreach from this administration," he added.

As a critic of the CTA's design, Hill noted his opposition through voting against it and proposing alternatives. He emphasized his commitment to revising its implementation alongside the incoming Trump Administration: “I fought the CTA’s design, voted against it, offered a better approach, and have been fighting against the Biden-Harris Administration’s flawed implementation on behalf of small businesses across America. As incoming Chairman of the House Financial Services Committee, I will work with the incoming Trump Administration to halt and revise the implementation of this harmful law and accompanying rules.”

Initially, on December 3, 2024, a judge from Texas had issued a nationwide pause on implementing CTA's beneficial ownership reporting requirement scheduled for January 1, 2025. However, on December 23, 2024, this injunction was lifted by an immediate stay granted by the Fifth Circuit Court of Appeals. This decision extends the compliance deadline to January 13, 2025.