H.R. 3089 · 115th Congress
Corporate Transparency Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MaloneySponsor11 cosponsors · 6 D, 5 R
R
King
GM
D
Moore
ER
R
Royce
MW
D
Waters
SL
D
Lynch
DD
R
Donovan
FL
R
LoBiondo
EB
D
Blumenauer
AE
D
Eshoo
CS
R
Smith
MC
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Capuano4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Corporate Transparency Act of 2017 This bill requires an entity that forms a corporation or limited liability company to disclose information about its beneficial owners.
What it does: CRS summary · Introduced in House · Jun 28, 2017
Corporate Transparency Act of 2017
This bill requires an entity that forms a corporation or limited liability company to disclose information about its beneficial owners. A beneficial owner is an individual who exercises substantial control over a corporation or limited liability company or has a substantial interest in or receives substantial economic benefits from the assets of a corporation or limited liability company.
Specifically, if an entity applies to form a corporation or limited liability company in a state that does not require the disclosure of beneficial ownership information, then the entity must file beneficial ownership information with the Financial Crimes Enforcement Network.
The bill imposes a civil penalty and authorizes criminal penalties—a fine, a prison term for up to three years, or both—for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated beneficial ownership information.
It directs the Department of the Treasury to require persons engaged in the business of forming (or of purchasing, selling, or transferring the public records that form) corporations or limited liability companies to establish anti-money laundering programs.
The Government Accountability Office must study and report on: (1) the availability of beneficial ownership information for other legal entities (e.g., partnerships), and (2) the effectiveness of incorporation practices implemented under this bill.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Corporate Transparency Act of 2017
Latest action (Jun 28, 2017): Referred to the House Committee on Financial Services.
Policy area: Crime and Law Enforcement · Origin: House · Introduced: Jun 28, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.