Oppose the Illicit Cash Act Today
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Senators Crapo (R-ID) and Brown (D-OH) filed an amendment to the National Defense Authorization Act (NDAA) on 6/25 to include text almost identical to the Illicit Cash Act. The “Establishing Beneficial Ownership Information Reporting Requirements” or "Beneficial Owner" provision would requires LLCs and corporations with less than 20 employees to file confidential business information on any "beneficial owner.”
A beneficial owner is anyone who exercises substantial control over a corporation or LLC through ownership interests, voting rights, agreement, or otherwise; or has a substantial interest in or receives substantial economic benefits from the assets of a corporation or the assets of a limited liability company. Failure to do so annually or upon change of any information would result in significant fines and jail time.
This text differs slightly from S.2563 The Illicit Cash Act which NPMA walked the Hill on in March. As of 6/26 the text has changed, so the updated bullet points may be different than the alert you initially received.
We need you to contact your Senator today (especially if you’re represented by someone in leadership) and urge this provision be removed. Please go to Voter Voice and connect with your member TODAY.
