Gem State Wire

Idaho's small business community has expressed gratitude to Secretary of State Phil McGrane for his involvement in a collective effort with 19 other secretaries of state. They have jointly addressed President Trump, urging the repeal of the Corporate Transparency Act (CTA). The act mandates small businesses to report Beneficial Ownership Information (BOI), which many argue imposes an undue burden.

Suzanne Budge, state director for the National Federation of Independent Business (NFIB) in Idaho, stated, "Idaho small businesses applaud Secretary McGrane’s bold stand on behalf of our state’s law-abiding, Main Street enterprises." She emphasized the potential negative impact on small business owners if Congress does not intervene.

The letter sent by the secretaries reads: “We serve as our corresponding states’ Secretary of State and write on behalf of our citizens,” further requesting President Trump to consider repealing the CTA. The BOI component is highlighted as an additional burden requiring businesses to provide extensive information to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

According to NFIB, millions of small businesses are affected by this new requirement. If not repealed or declared unconstitutional, around 32 million small businesses nationwide will face compliance challenges and potential penalties, including imprisonment and fines.

Jeff Brabant, NFIB Vice President of Federal Government Relations, criticized the CTA as an overreach affecting more than 32 million small businesses. He urged Congress to take action for long-term relief.

For updates on Idaho's small-business news and related issues, visit www.nfib.com/idaho or follow NFIB on Twitter @NFIB_ID.