BIA Advocacy Update

National Association of Home Builders provides update on Beneficial Ownership Reporting

In our last update, we passed along information from NAHB regarding beneficial ownership reporting. Since then, the Jan. 1, 2025 deadline has been delayed. Read below for more information. 

A nationwide preliminary injunction entered by the U.S. District Court for the Eastern District of Texas has declared the Corporate Transparency Act and its implementing regulations may not be enforced by the U.S. Treasury’s Financial Crimes Enforcement Act (FinCEN).

The court ruled that reporting companies formed or registered before Jan. 1, 2024, do not need to comply with the Jan. 1, 2025, beneficial ownership information reporting deadline pending further order of the court.

As a result, companies facing the Jan. 1, 2025, deadline to register entities created before Jan. 1, 2024, do not need to file with FinCEN at this point.

Although NAHB does not provide legal advice, they believe companies incorporated between Jan. 1, 2024, and Dec. 31, 2024, with CTA reporting obligations should continue to meet their beneficial ownership information filing obligations with FinCEN within 90 calendar days of the date the entity was formed.

Click here for more information. 

Minnesota proposed changes to Lead Renovation, Repair and Paint Rulemaking (RRP)

The Minnesota Department of Health is hosting a virtual stakeholder meeting to go over proposed changes to the rules at 10 a.m. Dec. 20. The main subject will be the crosswalk document, which compares EPA RRP program regulations with MDH draft proposed rules.

More information and a link for the webinar can be found here. 

News from Minnesota Housing

Click here to read the news for December. It includes an update on the First Generation Homebuyer program. Funds are running out, with $4.5 million left. 

News from Minnesota Department of Labor and Industry 

Click here to read the newsletter from December 2024.