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House Business Committee backs memorial urging repeal of Corporate Transparency Act
Summary
The House Business Committee voted to send House Joint Memorial 3 to the House floor asking Congress to repeal the federal Corporate Transparency Act, citing burdens on Idaho small businesses, implementation confusion and data-security concerns.
House Business Committee members voted by voice to send House Joint Memorial 3 to the House floor with a "do pass" recommendation, urging Congress to repeal the federal Corporate Transparency Act.
The memorial, introduced by Representative Jordan Redmond, expressed the committee's view that the federal rule has created excessive regulatory burdens for small businesses and interfered with state authority. "The federal government's implementation of the Corporate Transparency Act has led to unneeded regulation of small businesses in Idaho and court challenges have caused great concern across our state," Redmond said for the record.
Nicole Fitzgerald, chief deputy secretary of state, told the committee the Secretary of State's business services division has been overwhelmed by inquiries and implementation problems since the Financial Crimes Enforcement Network (FinCEN) began accepting beneficial‑ownership reports. "Our business serves…
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