FOR IMMEDIATE RELEASE    
CONTACT: NFIB New York State Director Ashley Ranslow, 518-742-0425
Senior Media Manager Mike Donohue, 202-525-9835

ALBANY, NY (Oct. 21, 2025) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy association with more than 11,000 members in New York, today announced the launch of a statewide digital and print ad campaign to educate and activate small business owners in opposition to legislation creating a “Beneficial Ownership” information reporting rule. The campaign also includes a website, ProtectNYSmallBusiness.org, with more information about the legislation and its detrimental impact on small businesses.

“The State Legislature decided to double down and impose an invasive state-level requirement despite the federal government rightfully backing away from a similarly dangerous and unconstitutional law,” said NFIB New York State Director Ashley Ranslow. “A bill heading to Governor Kathy Hochul’s desk treats small business owners as criminals, requiring them to report their personally identifiable information to the New York Department of State.”

“This legislation poses significant risks for our members and many small business owners across the state, both in the lack of data security of their personal information – including passport and driver’s license numbers – and crippling penalties for failing to comply, including fines of $500 per day or business suspension,” continued Ranslow. “Small entrepreneurs already spend countless hours navigating and complying with New York’s unrelenting regulations and mandates. Main Street does not need another burdensome compliance hurdle tripping up their livelihoods. For the sake of New York’s small businesses, Governor Hochul should veto this harmful legislation, and keep the state aligned with federal requirements.

The New York State Legislature introduced and passed (S.8432/A.8662) in the final days of the 2025 legislative session, without proper engagement or conversations with the small business community. The bill requires small businesses organized as LLCs, with 20 or fewer employees, to file burdensome paperwork on beneficial ownership annually to the NY Department of State. NFIB members have consistently and adamantly opposed this bill. 

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For over 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 nonprofit, nonpartisan, and member-driven. 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.