CAI’s Federal Legislative Action Committee and Government and Public Affairs team has spent the last several months prioritizing advocacy initiatives related to the Corporate Transparency Act (CTA) and its impact on community associations across the United States.
On Friday, March 1, 2024, a federal court ruled the CTA unconstitutional, and on Monday, March 11, 2024, the federal government appealed this ruling. Currently, CTA requirements still apply to community associations, only parties of this specific lawsuit are now exempt from beneficial ownership filings.
While this case is going through the federal appeal process, CAI needs your help to urge the Senate Banking Committee to hold a hearing to consider S.3625 - Protect Small Business and Prevent Illicit Financial Activity Act, which proposes a one-year delay of the implementation of the Beneficial Ownership Information (BOI) reporting requirements under the CTA.
Senator Sherrod Brown (D-OH) is the Chairman of the Senate Banking Committee, and it is CAI’s understanding that his office needs additional constituent outreach to be compelled to support this one-year delay of the CTA and have this bill heard in his committee.
| ACT TODAY: Please take 1-2 minutes to sign your name, city, community association, and number of homes in your association, to this electronic petition to urge the Senator to support the one-year delay of implementation to be put into effect. |
We urge Senator Sherrod Brown, Chairman of the Senate Banking Committee, to support S.3625 - Protect Small Business and Prevent Illicit Financial Activity Act, which will create a one-year delay of the implementation of the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act.