Mobile Courant

U.S. Senator Tommy Tuberville is preparing to reintroduce the Repealing Big Brothers Overreach Act in the 119th Congress. The bill aims to repeal the Corporate Transparency Act (CTA), which mandates businesses to disclose financial details to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) or face severe penalties, including jail time and fines.

The CTA, part of the FY21 National Defense Authorization Act, was initially set to be implemented on January 1, 2025. However, its enforcement has been delayed due to ongoing debates in federal court.

Senator Tuberville has expressed strong opposition to the CTA, stating, “The Corporate Transparency Act is an outright attack on the 32 million small businesses in this country. This includes farmers, restaurants, gyms, and lawn service companies.” He further emphasized that non-compliance could result in significant legal consequences for business owners.

Tuberville's proposed legislation has garnered support from over 100 trade organizations such as the National Federation of Independent Business and Americans for Tax Reform. These groups argue that the CTA unfairly targets small business owners by requiring them to disclose personal information or risk imprisonment and hefty fines.

The senator continues his advocacy against what he terms "unprecedented big government overreach," asserting that his bill will protect small businesses across America by nullifying the CTA entirely.

Senator Tuberville represents Alabama in the U.S. Senate and serves on several committees including Armed Services and Agriculture.