SE Kansas News

U.S. Senator Jerry Moran has introduced legislation aimed at delaying the enforcement of Beneficial Ownership Information (BOI) reporting requirements. This move comes after a federal court issued a preliminary injunction against the rule, and it seeks to provide more certainty for business owners.

"Kansans have voiced their concerns regarding the new federal reporting requirements for businesses, particularly in rural areas," stated Sen. Moran. "This legislation would help provide additional time, clarity and flexibility for businesses in Kansas to comply with federal standards without facing burdensome and unnecessary penalties."

The proposed legislation stipulates that the effective date for all BOI requirements be delayed by at least one year until FinCEN finalizes all outstanding BOI rulemakings and allows rural businesses to file their information via mail.

In November, Sen. Moran urged FinCEN Director Andrea Gacki to permit rural business owners to submit their beneficial ownership information through the United States Postal Service due to limited broadband connectivity in rural areas.

Additionally, Sen. Moran is supporting the Protect Small Business and Prevent Illicit Financial Activity Act, which aims to extend the deadline for companies to report ownership information to FinCEN.