Advocacy Alert: Court halts beneficial ownership reporting requirement

A federal court has issued a nationwide injunction halting the Corporate Transparency Act’s beneficial ownership reporting requirement, providing temporary regulatory relief for businesses included under the act. The Jan. 1, 2025, deadline is no longer in effect — at least for now.

However, significant uncertainty remains. FinCEN has already filed an appeal, and if the ruling is overturned, it is unclear whether businesses will still be required to meet the original filing deadline. There is also little clarity on how the government will handle information already submitted by millions of small businesses.

The Irrigation Association supports efforts to repeal this burdensome reporting requirement entirely. While the House of Representatives passed legislation last year to delay the law by one year, the bill is currently stalled in the Senate. Key members of the incoming Trump administration, including Vice President-elect JD Vance and Linda McMahon, nominee for Secretary of Education, have voiced opposition to the law, potentially signaling future changes.

We recognize the challenges this uncertainty creates for your business and are closely monitoring these legal and legislative developments. The IA remains committed to advocating for policies that support small businesses and minimize unnecessary regulatory burdens.

Take action and support the industry and the Irrigation Association’s advocacy efforts here.