Introduced on July 14, U.S. Senate Bill 3268 requires all business entities to obtain an employer identification number (EIN) from the Secretary of the Treasury. Most entities are already required to obtain an EIN by completing IRS Form SS-4. S 3268 expands this requirement to include previously disregarded entities, such as single-member LLCs. Further, the legislation authorizes the IRS to share information gathered, including the name and any available contact information of the responsible party and any third-party designee reflected on the EIN application, with law enforcement under certain conditions. In this election year, the legislation is unlikely to pass.
Notably, S 3268 contains no provisions requiring registered agents and/or secretaries of states and equivalent agencies to collect and maintain beneficial ownership information, despite legislation in prior sessions and pending bills S 2489 and HB 4450 that contained such requirements. The process contemplated by S 3268 would bypass registered agents and state agencies. Entities would simply be required to obtain an EIN directly from Treasury.
This bill can be found on Billtrack50 (www.billtrack50.com) on the NPRRA bill sheet entitled ‘Suggested by NPRRA Members’. Contact NPRRA (email@example.com) for more information on how to access BillTrack50 legislative monitoring queries.
-Credit to Steve Elias, Capitol Services, Inc., NPRRA Government Affairs Committee Co-Chair