Mark Amodei voted Nay (Passage) on this Legislation.
Read statements Mark Amodei made in this general time period.
Title: Corporate Transparency Act of 2019
Vote to pass a bill that requires limited liability companies to disclose ownership.
Requires each person applying to form a corporation or limited liability company (LLC) under state or Indian tribe law to file a report with the Financial Crimes Enforcement Network (FinCEN) containing a list of the beneficial owners of the corporation or LLC that identifies each beneficial owner by the following information (Sec. 3):
Full legal name;
Date of birth;
Current residential or business street address; and
A unique identifying number from a valid United States passport, personal identification card, or driver’s license.
Requires each person applying to form a corporation or LLC to submit an annual report to FinCEN containing the following information (Sec. 3):
The current beneficial owners of the corporation or LLC and the personal identification information described above for each beneficial owner;
Any changes in the beneficial ownership of the corporation or LLC during the previous year; and
An updated list of the beneficial owners of the corporation or LLC within the time period required by the Secretary of the Treasury.
Prohibits any person from affecting interstate or foreign commerce by doing the following (Sec. 3):
Knowingly providing, or attempting to provide, false or fraudulent beneficial ownership information to FinCEN;
Willingly failing to provide complete or updated beneficial ownership information to FinCEN; and
Knowingly disclosing the existence of a subpoena or other request for beneficial ownership information.
Specifies that any person who violates this act is liable to the US for a civil penalty of up to $10,000 and may be fined under title 18 of the US Code, imprisoned for up to 3 years, or both (Sec. 3).
Defines “beneficial owner” as a person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, does the following (Sec. 3):
Exercises substantial control over a corporation or LLC;
Owns 25 percent or more of the equity interests of a corporation or LLC; or
Receives substantial economic benefits from the assets of a corporation or LLC.
Authorizes the beneficial ownership information reported to FinCEN to be provided by FinCEN only upon receipt of the following (Sec. 3):
A request, through appropriate protocols, by a local, tribal, state, or federal law enforcement agency;
A request made by a federal agency on behalf of a law enforcement agency of another country under an international treaty, agreement, or convention; or
A request made by a financial institution, with customer consent, as part of the institution’s compliance with due diligence requirements under the Bank Secrecy Act, the USA PATRIOT Act, or other applicable law.
Specifies that exceptions to the terms “corporation” and “LLC” applies to the following businesses (3):
Any business that employs more than 20 employees on a full-time basis in the US;
Any business that files income tax returns in the US demonstrating more than $5 million in gross receipts or sales; or
Any business that has an operating presence at a physical office within the US.
Requires the Comptroller General of the US to conduct a study and submit a report to Congress assessing the efficacy of incorporation practices implemented under this act (Sec. 4).
Appropriates $20 million to FinCEN for each fiscal years 2020 and 2021 to carry out the requirements made by this act (Sec. 3).
Title: Corporate Transparency Act of 2019