This month we highlight a few issues from different levels of Government with potential impact on your business
Federal – Corporate Transparency Act
In the political world we sometimes talk of “zombie issues”. These are the issues that seem to be resolved, but keep “coming back from the dead”.
One such issue is the status of the Beneficial Ownership Information (BOI) reporting requirements as part of the Corporate Transparency Act (CTA). The Act was passed in 2021, with requirements taking effect beginning in 2024. Since then, it has been stopped by a district court ruling, then reinstated by a 3-judge panel of the federal court of appeals, and finally stopped again by injunction of the court of appeals.
This seemed to settle the matter, but they were just getting warmed up.
On February 18, 2025, a federal court lifted the injunction that was preventing the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) from enforcing Beneficial Ownership Information (BOI) reporting requirements.
At that point FinCEN said that for the vast majority of reporting companies, the new deadline to file an initial, updated, and / or corrected BOI report would be March 21, 2025.
However, under the new administration, there is a new policy
The Treasury Department announced today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.
In their announcement, the Treasury Department said they will be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
They added that Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.
NACC Government Affairs staff continue to follow this issue and will provide additional information as it becomes available.
The U.S. Chamber has compiled great resources on this issue. They can be found here.
State – Legislative Session and Chamber Day
Our colleagues at the Illinois Chamber of Commerce continue to review the over 6,500 new bills and resolutions that have been introduced so far this session in Springfield.
This month, Chambers of Commerce from around the state will have a unique opportunity to interact with policy makers and have an impact on state legislation by participating in the Illinois Chamber of Commerce Lobby Day on March 19th. Information and a link to register can be found here
Regional – Sanctuary laws and the potential loss of Federal dollars
Chicago Mayor Brandon Johnson is headed to Washington, DC on Wednesday, March 5, 2025.
Johnson, will appear in front of the U.S. House Oversight Committee along with the mayors of Boston, Denver, and New York, regarding their cities’ sanctuary policies. The U.S. Department of Justice is currently suing the City of Chicago, County of Cook, and the State of Illinois regarding this issue and the federal government has threatened the loss of significant federal funding if the issue is not resolved. This would obviously have a gigantic impact on municipal, county, and state budget discussions.
Local – Naperville City Council Elections
The Naperville Chamber of Commerce wishes to thank all 8 candidates and the dozens of members who participated in our Candidate Forum last week. The evening provided NACC members with an opportunity to get to know the candidates and to find out their positions on the issues that impact our city. Information on the April 1st election including responses to the NACC Candidate Questionnaire can be found here.