Federal Court Issues Injunction Halting Corporate Transparency Act, Delaying BOI Reporting Deadline for Farm Businesses

The Ohio State University Extension in Hardin County announced that farm business owners who have putting off the requirement to file “beneficial ownership information” or BOI to the federal government under the new Corporate Transparency Act have received an early Christmas present from a federal court in Texas. 

The CTA is a new federal law that requires certain businesses to report the identities of those with “beneficial ownership interests” in the business to the federal Department of Treasury’s Financial Crimes Enforcement Network.  The CTA’s first reporting deadline was set to be January 1, 2025.

The U.S. District Court for the Eastern District of Texas has issued a nationwide preliminary injunction against the CTA.

The ruling concluded that the law “appears likely unconstitutional.” 

The court halted enforcement of the CTA and its regulations and stayed the January 1, 2025 deadline for BOI reporting.

More on this can be found by visiting the Farm Office on the Ohio State University Extension’s website here.