The U.S. House of Representatives plans to vote this week on the Corporate Transparency Act of 2019 (H.R. 2513). Although well-intentioned, this legislation would target small businesses, creating significant new reporting burdens with massive fines and possible jail time for paperwork violations.
NRCA is encouraging its members to urge their legislators to oppose the Corporate Transparency Act. The legislation would require every business with fewer than 20 employees to register their beneficial owners’ information (home or business address, driver’s license, etc.) with the Federal Crimes Enforcement Network and update that registration if any information changes within 60 days and during the life of the business. Failure to comply would be a federal crime with civil penalties of up to $10,000 and criminal penalties of up to three years in prison.
To take action and email your legislators, visit the NRCA Grassroots Advocacy Network at roofingadvocacy.nrca.net.
