NFIB State Director Rosemary Elebash thanked Alabama Secretary of State Wes Allen for joining 19 other secretaries of state in co-signing a letter urging President Trump to repeal the Corporate Transparency Act.

“This federal law places a heavy reporting burden on small business owners, with severe penalties for those who don’t comply,” Elebash said.

Over 30 million small businesses nationwide must follow this law, which requires them to report the personally identifiable information of each owner to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). If the federal law isn’t struck down thousands of small businesses in Alabama will have to meet this new requirement. Those who fail to comply could face civil and criminal penalties, including up to two years in prison and fines of up to $10,000.

Last month, NFIB announced its support of the Big Brother Overreach Act, legislation that would repeal the Corporate Transparency Act. Jeff Brabant, NFIB Vice President for Federal Government Relations, has called the Corporate Transparency Act “an unconstitutional power grab” that unfairly targets small businesses.