Bill Text: IL HR0044 | 2025-2026 | 104th General Assembly | Introduced

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Bill Title: Urges the repeal of the Beneficial Ownership Information reporting contained in the Corporate Transparency Act.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2025-01-28 - Referred to Rules Committee [HR0044 Detail]

Download: Illinois-2025-HR0044-Introduced.html

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HR0044 LRB104 08347 MST 18398 r
HOUSE RESOLUTION
WHEREAS, The U.S. Court of Appeals for the Fifth Circuit
issued a decision challenging the Corporate Transparency Act,
by issuing a nationwide injunction blocking the Beneficial
Ownership Information reporting requirement; and
WHEREAS, The Beneficial Ownership Information reporting
requirement is an initiative of the U.S. Department of
Treasury's Financial Crimes Enforcement Network in an effort
to crack down on high level financial crimes, such as money
laundering, tax evasion, and other illicit activities; and
WHEREAS, The Beneficial Ownership Information reporting
requirement affects roughly 32 million small businesses across
the United States, forcing the disclosure of business owners'
and other stakeholders' names, addresses, and identification
numbers; and
WHEREAS, The regulation of commerce is a constitutionally
granted authority of the federal government as defined by
Article 1 Section 8 of the United States Constitution, but
this form of federal regulation has no precedent; and
WHEREAS, Many regulatory functions of the federal
government are enacted under the Commerce Clause, which in

HR0044 - 2 - LRB104 08347 MST 18398 r
turn has the potential to place burdens on the hard-working
small business owners that continue to grow and maintain the
middle-class all across the United States; and
WHEREAS, With this personal data having already been
collect for tax purposes by the Internal Revenue Service, the
redundant reporting of business owner information serves as a
burden and potential security risk for the individuals
constrained by this law; therefore, be it
RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
HUNDRED FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
we urge the repeal of the Beneficial Ownership Information
reporting contained in the Corporate Transparency Act; and be
it further
RESOLVED, That suitable copies of this resolution be
delivered to the President of the United States, the U.S.
Senate Majority Leader, the U.S. Senate Minority Leader, the
U.S. Speaker of the House, the U.S. House of Representatives
Minority Leader, the Secretary of the Treasury, and all
members of the Illinois Congressional Delegation.