A Win For Wyoming Businesses: CTA Requirements Halted by Federal Court

An important update has just been released regarding the Corporate Transparency Act (CTA) and its beneficial ownership reporting requirements, and it’s a potential win for small businesses. A federal court in Texas has issued a preliminary injunction, halting the enforcement of the CTA, which has been a major concern for small businesses nationwide.

Your Wyoming Chamber of Commerce, in partnership with the U.S. Chamber of Commerce and other chambers across the state and country, have been actively working on this issue for a long time. The CTA posed a significant burden on small businesses by requiring them to file reports on beneficial ownership, creating an onerous and unnecessary regulatory hurdle. We applaud the federal court for recognizing the threat this law poses to businesses, and while we agree that minimal regulation is necessary to address concerns over foreign adversaries, the CTA did not offer a helpful or practical solution.

While we’re not out of the woods yet—the government may appeal the ruling—we are relieved that for now, small businesses are not obligated to comply with these reporting requirements. The Wyoming Chamber of Commerce will continue to monitor the situation and provide updates as they become available.