Ohio Secretary of State Frank LaRose joined in legal action in federal court on Tuesday, supporting small businesses that are challenging burdensome new filing requirements under the Corporate Transparency Act (CTA). The CTA would require nearly all business entities to file information about their owners with the U.S. Treasury.
“This is a classic case of federal overreach,” said LaRose.
“These reporting requirements add unnecessary cost and regulation to our small businesses, like mom-and-pop shops all across Ohio. President Trump was right to suspend the reporting requirements, and it’s time we bring a permanent solution to safeguard hardworking Ohioans.”
Secretary LaRose signed on to an amicus brief along with chief elections officers from sixteen other states.
The filing asks the court to rule that the federal government may not force states to help implement the CTA and furthermore, that states be left to regulate corporate law without federal intrusion.
This action comes just a day after President Trump, through the U.S. Department of the Treasury, suspended the Beneficial Ownership Information (BOI) reporting requirement.
As stated in the brief, “the Court should put an end to the federal government’s ongoing mandatory ‘partnership’ with amici and other secretaries of state and should return the power to regulate corporations to the States by affirming the district court’s preliminary injunction.”
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