Real Estate Community Urges Congress to Delay Corporate Transparency Act Filing Deadlines

ICSC joined 11 other national real estate organizations in a letter to the Senate Banking, Housing and Urban Affairs Committee urging them to advance the Protect Small Business and Prevent Illicit Financial Activity Act (S.3625), which would extend the deadline for companies to report ownership information to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).

Beneficial ownership regulations took effect on January 1, 2024 under the Corporate Transparency Act (CTA), which impacts an estimated 35 million small business owners.

The coalition’s letter noted a one-year delay of the CTA’s filing deadline would:

• Be consistent with congressional intent to give covered entities two years to comply with the CTA’s reporting requirements; and
• Provide the business community and FinCEN additional time to educate small business owners regarding the new reporting requirements and the onerous penalties resulting from non-compliance.

Letter signees included: American Hotel & Lodging Association, American Seniors Housing Association, BOMA International, Council for Affordable and Rural Housing, ICSC, Manufactured Housing Institute, Nareit, National Apartment Association, National Association of Home Builders, National Leased Housing Association, National Multifamily Housing Council and The Real Estate Roundtable.

For more information contact Moutray McLaren at mmclaren@icsc.com.