“The Corporate Transparency Act has created a privacy, constitutional, and security nightmare for law-abiding Main Street business owners while failing to stop the criminal activity it was intended to target,” said NFIB Director of Federal Government Relations Josh McLeod. “NFIB strongly urges the current Administration to destroy the unconstitutionally collected BOI data of America’s small businesses and issue a final rule that will exempt U.S. small businesses from BOI reporting requirements.”Read the full letter and view participating trade associations here. For over six years, NFIB has fought against Beneficial Ownership Information reporting regulations in Congress, executive branch agencies, and the federal courts, working to permanently block and repeal it. If not fully repealed, 32 million small businesses nationwide could once again be subjected to this unnecessary, invasive, and unconstitutional mandate. Those who fail to comply would be subject to criminal and civil penalties of up to two years in federal prison and up to $10,000.