Rushmore State News

The National Federation of Independent Business (NFIB) has launched a new advertising campaign in South Dakota, featuring radio and digital ads. The campaign calls on Congress to protect small business owners from the Beneficial Ownership Information (BOI) reporting requirements. The NFIB is urging Congress to codify into law former President Trump's order exempting American small businesses from this rule, fully repeal the BOI law, and mandate the Financial Crimes Enforcement Network (FinCEN) to destroy all previously submitted beneficial ownership data.

"President Trump’s announcement that America’s small businesses were exempt from enforcement of the unconstitutional and invasive Beneficial Ownership Information (BOI) reporting requirement was a huge victory for small business owners," said NFIB President Brad Close. "Now the fight shifts to Congress; they must take immediate action to codify President Trump’s order into law, fully repeal the outrageous BOI law, and require FinCEN to destroy the data of the millions of small business owners who have already complied with this unconstitutional mandate."

For more than six years, NFIB has opposed these reporting regulations across various branches of government. They aim to permanently block and repeal it, citing potential impacts on 32 million small businesses nationwide if not repealed. Failure to comply with these regulations could result in criminal and civil penalties, including up to two years in federal prison and fines up to $10,000.