Rep. Richard McCormick, US Representative for Georgia's 6th District | Richard McCormick Official Website
Rep. Richard McCormick, US Representative for Georgia's 6th District | Richard McCormick Official Website
WASHINGTON, D.C. - Congressman McCormick has introduced H.R. 9045 to amend the Corporate Transparency Act (CTA), aiming to exempt Community Associations and Homeowner's Associations (HOAs) from stringent reporting requirements.
The CTA, part of the Anti-Money Laundering Act of 2020, mandates corporations and entities to report beneficial ownership information to the U.S. Department of the Treasury's Financial Crimes Enforcement Network. A recent court ruling exempted the National Small Business Association from these requirements, but Community Associations and HOAs remain subject to potentially costly compliance services.
Addressing this issue, Congressman McCormick stated, "The burden of compliance with the Corporate Transparency Act should not fall on Community Associations and Homeowner's Associations, ultimately impacting homeowners. We must take action to protect these organizations from unnecessary bureaucratic burdens, costs, and penalties."
The proposed legislation seeks to add Community Associations and HOAs to the list of entities exempt from reporting requirements under the CTA. This change would provide relief to approximately 350,000 community associations across the United States.
Press Inquiries: Julie.singleton@mail.house.gov
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