For immediate release:
Cary, Il – February 26, 2025 – The American Association of (AAMA) is calling for the full repeal of the Corporate Transparency Act (CTA) following the recent lifting of the injunction on the law. The CTA’s burdensome reporting requirements unfairly target small businesses while creating an uneven playing field that benefits large corporations.
With the injunction lifted, the Financial Crimes Enforcement Network (FinCEN) has reinstated the CTA’s beneficial ownership information (BOI) reporting requirements, setting a new compliance deadline of March 21, 2025. FinCEN has stated it will evaluate possible modifications to the deadline within the next 30 days, though no guarantees have been made. Additionally, FinCEN is considering revisions to reporting requirements for “lower-risk” entities to alleviate some of the compliance burdens.
However, these measures fall far short of what is necessary. The CTA must be repealed in its entirety. AAMA urges business owners and advocates to take immediate action by contacting their representatives and demanding support for the Repealing Big Brother Overreach Act (H.R. 425/S. 100), which has garnered substantial bipartisan backing with 104 cosponsors in the House and 25 in the Senate. Additionally, the Protect Small Businesses from Excessive Paperwork Act (H.R. 736) aims to ease unnecessary regulatory burdens and currently has 12 cosponsors.
Despite these setbacks, there are still opportunities to push back against the CTA. Bipartisan legislation that recently passed in the House would extend the filing deadline to the end of the year, with a companion bill introduced in the Senate by Banking Chair Tim Scott. While this legislation is unlikely to move forward independently, it could be attached to a must-pass bill, such as the upcoming Continuing Resolution (CR). The recent court ruling could provide the momentum needed to make this happen.
Furthermore, legal challenges to the CTA are ongoing. At least eleven cases are currently pending in federal courts, with the lead case, NSBA v. Treasury, awaiting a decision from the Eleventh Circuit Court. Legal experts anticipate that the case will likely proceed to the Supreme Court later this year.
AAMA urges the Administration to take decisive action against the CTA. While Vice President Vance and Secretary McMahon have voiced opposition, it is now time for the Treasury Department to follow suit in a meaningful way. The CTA’s BOI reporting requirements must be eliminated to prevent unnecessary regulatory burdens on small businesses and to ensure fair and reasonable business practices for all.
About the AAMA
The American Amusement Machine Association (AAMA) is an international not-for-profit 501(c)6 trade organization representing the manufacturers, distributors, suppliers, professional service providers and location owner/operators for the coin-operated amusement industry. Our mission is to make the industry better through collaboration, education, advocacy and networking. We never stop playing!
About the AAMCF
The American Amusement Machine Charitable Foundation (AAMCF) is a 501©3 organization that raises funds to support charities focused on children, education, and scientific research. Founded in 1983 by members of the American Amusement Machine Association, the AAMCF has made contributions of more than 3.5 million dollars supporting nearly 150 charities.
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