Brown should fight CTA law that would hurt small businesses

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Brown should fight CTA law that would hurt small businesses

Gary James is the President of Dynalab, Inc., a small manufacturer based in Reynoldsburg. He is also a partner of the Job Creators Network Foundation.  

Ohio’s small businesses are being threatened by a new federal law set to take effect at the end of this year. Entrepreneurs who don’t fully comply will face steep fines and even jail time. As chairman of the Senate Banking Committee, Sen. Sherrod Brown (D-OH) should help delay – if not outright repeal – the misguided law. 

The Corporate Transparency Act (CTA) – passed in 2021 – requires certain businesses to divulge personal information about its owners and officers. More specifically, the soon-to-be enacted law will require the names, birth dates, personal addresses and photocopies of passports or driver’s licenses of anyone with “substantial control” of the company. And this information needs to be updated within 30 days of any changes. 

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