House Passes Beneficial Ownership Reporting Extension
This post has been updated.
The House has approved legislation by a unanimous 408-0 vote that would grant small businesses, formed before Jan. 1, 2024, a one-year extension to comply with the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting.
Prior to the House vote on the Protect Small Businesses from Excessive Paperwork Act, NAHB sent a letter of support for the bill because the extension would give our members more time to understand and comply with BOI reporting rules.
NAHB worked closely with Senate Banking Committee Chairman Tim Scott (R-S.C.) to get a companion bill introduced in the Senate just days after the measure passed the House.
Senate Banking Committee members, including Sens. Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Boyd Britt (R-Ala.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.) and Kevin Cramer (R-N.D.) joined Sen. Scott on the legislation. Sens. Jerry Moran (R-Kan.) and James Lankford (R-Okla.) also signed onto the bill.
The Financial Crimes Enforcement Network (FinCEN), which oversees the implementation of the CTA, issued a statement on Jan. 24 putting a halt to small business reporting requirements — regardless of when they were formed. While FinCEN’s administrative action is helpful, having Congress step in to pass legislation will codify the one-year extension and provide a durable grace period.
As this legislation moves through the process, companies must be aware that the situation surrounding FinCEN’s pause and the courts’ action is fluid and could still change. That’s because several court cases are ongoing regarding the rule.
NAHB will continue to work on the legislative and legal fronts to ensure small businesses have ample time to file BOI with FinCEN.
Latest from NAHBNow
Economics
Nov 05, 2026
Multifamily Developer Confidence Weakens in Third Quarter
Confidence in the market for new multifamily housing weakened year-over-year in the third quarter, according to the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 41, down five points year-over-year, while the Multifamily Occupancy Index (MOI) had a reading of 69, also down five points year-over-year.
Advocacy
Nov 04, 2026
Podcast: What the Blue Wave May Mean for Housing
On the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez are joined by Chief Advocacy Officer Ken Wingert to discuss the immediate aftermath of the midterm elections.
Latest Economic News
Economics
Nov 04, 2026
Mortgage Applications Decline as Higher Rates Boost ARM Share
Mortgage application activity declined in October as the 30-year fixed mortgage rate rose sharply again. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, fell 14.1% month-over-month in October on a seasonally adjusted basis. Compared to a year ago, total mortgage applications were 39.8% lower.
Economics
Nov 04, 2026
Laundry Room Locations in New Homes and Apartments, 2025
In 2025, the majority of homes started featured laundry connections on the first floor (70%), according to the Census’s Survey of Construction. Laundry located on the second floor or higher was the second most prevalent at 27%. The basement, garage, and other locations all had a 1% or lower share.
Economics
Nov 03, 2026
Mortgage Rates Climb in October Amid Accelerating Inflation
Mortgage rates rose sharply again in October as the U.S. treasury yields surged. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.33% in October, up 47 basis points (bps) from September. The rate reached 7.40% in early October, its highest level since 2023, before easing toward the end of the month.