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1 H.R. 2513, Corporate Transparency Act of 2019, as Ordered Reported by the House Committee on Financial Services on June 11, 2019 1 (September 12, 2019)

handle is hein.congrec/cbocpttrp0001 and id is 1 raw text is: j Congressional Budget Office Cost Estimate September 12, 2019 By Fisca Year, Mi lions of Dollars 2019 2019-2024 20 9 2029 Direct Spending (Outlays) 0 * * Revenues 0 Deficit Effect The bill would * Require certain companies to provide information annually to the Financial Crimes Enforcement Network (FinCEN) * Require FinCEN to inspect certain law enforcement agencies * Establish civil and criminal fines for violations of the bill's provisions Require states to notify some applicants for corporation and limited liability corporation (LLC) status of new requirements to identify beneficial owners of the corporation * Prohibit some newly formed corporations and LLCs from issuing bearer shares (equity securities wholly owned by the holder of the physical stock certificate) * Require corporations and LLCs to provide beneficial ownership information annually to FinCen Estimated budgetary effects would primarily stem from * Costs to FinCEN to hire additional employees to carry out the bill's provisions Areas of significant uncertainty include * The number of new annual filings with FinCEN that would result from enactment of the bill Detailed estimate begins on the next page. See also CBO's Cost Estimates Explained, www.cbo.gov/publication/54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www.cbo.govipublicationi42904.

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