United States 119th Congress Status: In Committee 13 R cosponsors

S 505 — ‘Protect Small Businesses from Excessive Paperwork Act of 2025

Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the Senate. Introduced February 11, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the Senate.

Prognosis

Stalled 26% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 13 sponsors

    1 primary, 12 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (13 R).

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Protect Small Businesses from Excessive Paperwork Act of 2025This bill extends the deadline for certain companies that are required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Specifically, the bill requires companies formed or registered before January 1, 2024, to submit this information to FinCEN by January 1, 2026, instead of by January 1, 2025, as required under current regulations.

Bill Text

How this bill changes current law

1 change Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill extends the deadline for certain reporting companies to file beneficial ownership information reports.

  • 31 U.S.C. § 5336(b)(1)(B)

    before the effective date and all that follows through under this subsection → before January 1, 2024, shall, not later than January 1, 2026

    It changes the deadline for filing beneficial ownership information from an unspecified date to a specific date of January 1, 2026.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Sponsorship breakdown

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1 sponsors · 12 co-sponsors · 534 not signed on

Sponsors (1)

Co-sponsors (12)

Not signed on (534)

534 members have not signed on to this bill.

Show all 534 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 505 do?
Protect Small Businesses from Excessive Paperwork Act of 2025This bill extends the deadline for certain companies that are required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Specifically, the bill requires companies formed or registered before January 1, 2024, to submit this information to FinCEN by January 1, 2026, instead of by January 1, 2025, as required under current regulations.
Who sponsors S 505?
S 505 is sponsored by Scott, Tim (Republican), Rounds, Mike (Republican), Moran, Jerry (Republican), Hagerty, Bill (Republican), Ricketts, Pete (Republican), Lankford, James (Republican), Cramer, Kevin (Republican), Lummis, Cynthia M. (Republican), Britt, Katie Boyd (Republican), Tillis, Thomas (Republican), Banks, Jim (Republican), Moreno, Bernie (Republican), and Crapo, Mike (Republican).
What is the current status of S 505?
This bill is in committee in the Senate. Introduced February 11, 2025. It must pass committee before a floor vote.
Where can I track S 505?
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Last checked for changes 3 months ago · updated continuously

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