MSA News:WASHINGTON, D.C. ― With the passage of the Corporate Transparency Act (H.R. 2513), Executive Director of the Main Street Alliance, Amanda Ballantyne, had this to say:
“Main Street Alliance and its small business owner members applaud the House passing the Corporate Transparency Act. This bill will increase transparency and level the playing field so that businesses can engage in open competition based on product or service quality, organizational efficiencies, and talent. That is a market in which we can compete.
Requiring secretive businesses to come out from the shadows will benefit small businesses throughout the country. It will reduce conflicts of interest and cronyism in contracting, as well as curb false billing of contractors and fraudulent certification for small, disadvantaged, veteran, or disability-owned businesses. Ownership information will help prevent those who previously defrauded taxpayers from establishing a new sham operation and winning new contracts. This policy will make it harder for bad corporate actors to gain advantage through tax evasion, ensuring that our country has the revenue we need to support critical programs small business owners and our communities rely on.
We urge the Senate to move forward with their bill so that corporate transparency can become law.”