S. 505: ‘Protect Small Businesses from Excessive Paperwork Act of 2025
A Senate bill (S.) in the 119th U.S. Congress.
Overview
| Congress | 119th U.S. Congress (2025–2026) |
|---|---|
| Type | Senate bill (S.) |
| Originating chamber | Senate |
| Introduced | 2025-02-11 |
| Sponsor | Sen. Scott, Tim [R-SC] |
| Policy area | Finance and Financial Sector |
| Cosponsors | 12 |
| Latest action | 2025-02-11 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Last updated | 2025-09-26 |
Summary
Official summary (Introduced in Senate, 2025-02-11):
Protect Small Businesses from Excessive Paperwork Act of 2025
This bill extends the deadline for certain companies that are required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Specifically, the bill requires companies formed or registered before January 1, 2024, to submit this information to FinCEN by January 1, 2026, instead of by January 1, 2025, as required under current regulations.
Cosponsors (12)
| Name | Party / state |
|---|---|
| Mike Rounds | R SD (original cosponsor) 2025-02-11 |
| Jerry Moran | R KS (original cosponsor) 2025-02-11 |
| Bill Hagerty | R TN (original cosponsor) 2025-02-11 |
| Pete Ricketts | R NE (original cosponsor) 2025-02-11 |
| James Lankford | R OK (original cosponsor) 2025-02-11 |
| Kevin Cramer | R ND (original cosponsor) 2025-02-11 |
| Cynthia M. Lummis | R WY (original cosponsor) 2025-02-11 |
| Katie Boyd Britt | R AL (original cosponsor) 2025-02-11 |
| Thom Tillis | R NC (original cosponsor) 2025-02-11 |
| Jim Banks | R IN (original cosponsor) 2025-02-11 |
| Bernie Moreno | R OH 2025-02-26 |
| Mike Crapo | R ID 2025-03-10 |
Full text & official record
The official bill text, section-by-section summary, amendments, committee reports, and the complete legislative timeline for S. 505 are published by Congress on congress.gov.
Frequently asked questions
What is S. 505?
S. 505 is a Senate bill (S.) introduced in the 119th U.S. Congress, originating in the Senate. Official title: ‘Protect Small Businesses from Excessive Paperwork Act of 2025.
Where can I read the full bill text?
The full text, cosponsors, amendments, and legislative status for S. 505 are available on congress.gov.
Bill data: congress.gov API (official congressional records).