AmericanHort, along with 119 other organizations representing millions of small businesses, urges the Senate Banking Committee to support amendments to the FY2025 National Defense Authorization Act that would delay the Corporate Transparency Act’s filing deadline by one year. The amendments, sponsored by Senators Tim Scott (R-SC) and James Lankford (R-OK), aim to provide additional time for small businesses to understand and comply with the new reporting requirements, thereby avoiding steep fines and penalties. The delay would also allow for the resolution of ongoing legal challenges and align with Congress’s original intent to grant businesses a full two years to comply. This measure is critical as the current compliance rate is less than 10 percent due to a lack of awareness among business owners.