BENEFICIAL OWNERSHIP INFO

This Illinois House Resolution (HR 44) urges the federal government to repeal the Beneficial Ownership Information reporting requirement under the Corporate Transparency Act. It directly affects roughly 32 million small businesses nationwide, which are currently required to disclose owners' names, addresses, and IDs to the Treasury. The resolution argues this federal mandate is redundant since the IRS already collects similar tax data, creating unnecessary burdens and security risks for business owners. As a state-level resolution, it does not change federal law but formally requests the U.S. Congress and Treasury to eliminate this reporting obligation.