Press Releases

LITTLE ROCK, AR – Incoming House Financial Services Committee Chairman French Hill (AR-02) today released the following statement after the Fifth Circuit Court of Appeals reinstated the reporting deadline for the Corporate Transparency Act (CTA) with a new due date of January 13, 2025, which reverses the nationwide pause that went into effect earlier this month.

"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. 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.

“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.”

Further Background:

On December 3, 2024, a judge from the Eastern District of Texas issued a nationwide pause of the implementation of the CTA’s beneficial ownership reporting requirement, which was set to go into effect on January 1, 2025.

On December 23, 2024, the Fifth Circuit Court of Appeals granted the government’s motion for an immediate stay of the CTA injunction, meaning the injunction is no longer in effect and the date deadline was extended to January 13, 2025, pending further legal developments.