Big Sky Times

Montana's largest small business association has expressed gratitude to Secretary of State Christi Jacobsen for her involvement in a collective effort against the Corporate Transparency Act. Jacobsen, along with 19 other secretaries of state, co-signed a letter addressed to President Trump urging the repeal of this act. The letter argues that the Beneficial Ownership Information (BOI) reporting requirement imposes an undue burden on small businesses.

Ronda Wiggers, state director for the National Federation of Independent Business (NFIB) in Montana, stated, "Montana small businesses applaud Secretary Jacobsen’s bold stand on behalf of the law-abiding mom-and-pop enterprises lining our state’s Main Streets." She criticized the BOI requirement as "intrusive" and unnecessary regulation that could lead to significant penalties if changes are not made.

The joint letter emphasized their role as representatives of their states' citizens and described the CTA as a burden due to its demand for additional information from small businesses to be reported to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

An NFIB webpage highlights that millions of small businesses face new requirements under this law. If not repealed or deemed unconstitutional, it could affect 32 million small businesses nationwide, with non-compliance leading to severe penalties including imprisonment and fines.

In response, NFIB supports legislation known as the Big Brother Overreach Act aimed at repealing the Corporate Transparency Act. Jeff Brabant, NFIB Vice President of Federal Government Relations, criticized the act as an "unconstitutional power grab" affecting over 32 million small businesses by requiring them to register in a federal database accessible by various law enforcement agencies without a subpoena.

For more information on Montana's small business news and updates from NFIB, visit their website or follow them on social media.