In a victory for small businesses nationwide, U.S. small businesses are exempt from federal Beneficial Ownership Information (BOI) reporting requirements. Now, it is becoming a threat from state lawmakers. The Small Business Rundown podcast explores what a New York bill means for small business owners in the state and nationwide.  

The New York BOI bill passed both chambers in the state legislature largely along partisan lines but was vetoed by Governor Kathy Hochul’s on Dec. 19. The bill would force small businesses formed in New York and those registered to conduct business in New York with a Limited Liability Company (LLC) designation to report sensitive data to be stored in a state government database. This legislation only targets small businesses with 20 employees or fewer, with the threat of financial penalties for failures to file in time. 

NFIB worked with New York small business members and lawmakers to spread awareness on the dangers of this bill and urged Governor Hochul to veto this invasive and burdensome mandate. 

Several recent opinion pieces have been published on the invasive nature of BOI reporting. In Idaho, NFIB State Director Suzanne Budge wrote an opinion piece in the Idaho Business Review highlighting steps Congress can take to provide permanent relief from BOI reporting.   

In Arkansas, an opinion piece in the Northwest Arkansas Democrat Gazette by NFIB State Director Katie Burns, covers how heavy-handed and invasive mandates with loose definitions are a privacy nightmare for small business owners.  

Listen to recent episodes of the Small Business Rundown for a deeper look at Beneficial Ownership Information reporting and what small business owners can do to fight back.