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Zippy Duvall, president of the American Farm Bureau Federation, today commented on a nationwide injunction issued by the federal court in the Eastern District of Texas upholding beneficial ownership information filing requirements under the Corporate Transparency Act (CTA) is discontinued. The requirement essentially requires information about the ownership of private companies to be submitted to the federal government.
“Farmers and ranchers across the country have faced significant uncertainty since the introduction of the Corporate Transparency Act in early 2021 and since beneficial ownership information regulations were established. Questions arise about who must file and who has access to the confidential data that is collected.
“Farm Bureau has long fought against mandatory disclosure of farmers’ private business information to the federal government in a number of different scenarios. For the second time this year, a federal court has ruled that the CTA violates the Constitution in that regard. We appreciate the temporary reprieve the order provides and hope that Congress can take a cue from the courts in the coming weeks to provide a more permanent solution to this problematic policy.”
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