FOR IMMEDIATE RELEASE
Contact: Suzanne Budge, Idaho State Director, sbs@sbsidaho.com
or Tony Malandra, Senior Media Manager, anthony.malandra@nfib.org

BOISE, Idaho, Feb. 21, 2025—Idaho’s largest and leading small business association today thanked Phil McGrane for joining 19 other secretaries of state in co-signing a letter to President Trump calling for repeal of the Corporate Transparency Act, which, despite its name, would ensnare millions of small businesses under its Beneficial Ownership Information (BOI) reporting requirement.

“Idaho small businesses applaud Secretary McGrane’s bold stand on behalf of our state’s law-abiding, Main Street enterprises,” said Suzanne Budge, state director for the National Federation of Independent Business (NFIB) in Idaho. “It really helps when elected officials who know something about proper data collection and use speak up. As it stands now, unless Congress acts, small business owners are facing an incalculable amount of time, money, and frustration to comply with a federal mandate of questionable efficacy and staggering penalties.”

Said the letter, “We serve as our corresponding states’ Secretary of State and write on behalf of our citizens,” said the letter. “Our hope is you consider this letter an official request to pursue repealing the Corporate Transparency Act (CTA). Specifically, the Beneficial Ownership Information (BOI) component of the CTA serves as yet another burden on our small businesses operating in the United States by forcing them to report extraneous information to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).”

According to a special NFIB webpage on the issue, “Millions of small businesses are subject to a new law requiring them to report the personally identifiable information of each beneficial owner to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). If not fully repealed or ruled unconstitutional, 32 million small businesses nationwide will be subjected to this unnecessary mandate. Those who fail to comply will be subject to criminal and civil penalties of up to two years in federal prison and up to $10,000.”

In Congress, NFIB is backing the Big Brother Overreach Act that would repeal the Corporate Transparency Act. “The Corporate Transparency Act is an unconstitutional power grab that targets more than 32 million small businesses,” said Jeff Brabant, NFIB Vice President of Federal Government Relations. “The law mandates small businesses to register in a massive new federal database that state, federal, and international law enforcement can access without a subpoena … Congress must step up to provide long-term relief to small businesses.”

Keep up with the latest Idaho small-business news at www.nfib.com/idaho, where this news release can also be found, or by following NFIB on Twitter @NFIB_ID.

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For more than 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.

NFIB Idaho
802 W. Bannock Ste. 301
Boise, ID 83702
208-345-6632
Web page : NFIB.com
Twitter: @NFIB_ID