US SB1978 | 2019-2020 | 116th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on June 26 2019 - 25% progression, died in committee
Action: 2019-06-26 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 26 2019 - 25% progression, died in committee
Action: 2019-06-26 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Requires certain new and existing small corporations and limited liability companies to disclose information about their beneficial owners. A beneficial owner is an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company. Specifically, if certain entities apply to form a corporation or limited liability company, they must file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Furthermore, certain existing corporations and limited liability companies must file this information with FinCEN two years after the implementation of final regulations required under this bill. The bill imposes a civil penalty and authorizes criminal penalties—a fine, a prison term for up to three years, or both—for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated beneficial ownership information. The Government Accountability Office must study and report on: (1) the availability of beneficial ownership information for other legal entities (e.g., partnerships), and (2) the effectiveness of incorporation practices implemented under this bill.
Title
Corporate Transparency Act of 2019
Sponsors
Sen. Ron Wyden [D-OR] | Sen. Marco Rubio [R-FL] | Sen. Sheldon Whitehouse [D-RI] |
History
Date | Chamber | Action |
---|---|---|
2019-06-26 | Senate | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
Same As/Similar To
HB2513 (Related) 2019-10-23 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HR646 (Similar To) 2019-10-22 - Motion to reconsider laid on the table Agreed to without objection.
HR646 (Similar To) 2019-10-22 - Motion to reconsider laid on the table Agreed to without objection.
Subjects
Business ethics
Business records
Civil actions and liability
Corporate finance and management
Criminal investigation, prosecution, interrogation
Criminal procedure and sentencing
Finance and financial sector
Fraud offenses and financial crimes
Government information and archives
Law enforcement administration and funding
Terrorism
Trade secrets and economic espionage
U.S. and foreign investments
Business records
Civil actions and liability
Corporate finance and management
Criminal investigation, prosecution, interrogation
Criminal procedure and sentencing
Finance and financial sector
Fraud offenses and financial crimes
Government information and archives
Law enforcement administration and funding
Terrorism
Trade secrets and economic espionage
U.S. and foreign investments
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1978/all-info |
Text | https://www.congress.gov/116/bills/s1978/BILLS-116s1978is.pdf |