This week, a Texas court halted the implementation of the Corporate Transparency Act’s (CTA) beneficial ownership reporting requirements that included America’s farmers, ranchers, and agribusinesses. Mark Oppold has more details.
According to the National Association of Farm Broadcasters, the preliminary relief will remain in effect until the conclusion of legal proceedings, at which point the court may enter a permanent injunction. In the meantime, the government is expected to appeal the preliminary injunction.
The U.S. Chamber of Commerce says unless and until an appellate court overrules or narrows the injunction, no businesses are obligated to comply with the reporting requirements.
National Cattlemen’s Beef Association Executive Director of Government Affairs Kent Bacus said, “Cattle producers are relieved that this mandate is on hold while the law is being considered by the courts.” The injunction prevents the CTA from taking effect until the outcome of a case brought by a Texas small business that challenged the legality of the Corporate Transparency Act. “We’ll be working with Congress on a solution,” he added.