Travis Condon named to Association of Chamber of Commerce Executives prestigious Forty under 40 List

Condon only awardee from across Massachusetts on 2024 list

The North Central Massachusetts Chamber of Commerce is proud to announce that Travis Condon, public affairs manager for the Chamber, has been named to the Association of Chamber of Commerce Executive (ACCE) 2024 Forty Under 40 list. He is the only awardee from Massachusetts on the 2024 list.

The list, which recognizes emerging leaders shaping the chamber of commerce industry across the country, was announced in December. This annual recognition program showcases 40 of the industry’s top emerging leaders who have demonstrated success in their careers and made significant contributions to the communities they serve. The list includes CEOs and staff professionals from a wide variety of roles and chamber sizes who are honored for their creativity, dedication and commitment to identifying innovative solutions to help shape the future of the chamber profession.

“These remarkable leaders exemplify the talent and commitment that drive meaningful change,” said ACCE President & CEO Sheree Anne Kelly. “Their inspiring passion to advance their communities and promote innovation in the chamber profession shape a promising future for those they impact.”

As Public Affairs Manager, Condon spearheads the Chamber’s government affairs programs, managing legislative and municipal outreach across 27 cities and towns, while coordinating strategic communications and events. He has helped secure grant funding for key chamber priorities and hosts “Inside North Central Massachusetts,” a weekly podcast featuring conversations with regional leaders that has become a valuable resource for members and the community. Beyond his work with the Chamber, his leadership extends to board service with North Star Family Services, and volunteering as emcee for a number of community events, including the City of Fitchburg’s annual Veterans Day and Memorial Day ceremonies, and the popular Fourth of July parade.

“Travis brings dedication and initiative to everything he does,” said Roy Nascimento, CCE, IOM, president & CEO, North Central Massachusetts Chamber of Commerce. “His ability to forge meaningful connections across our communities while advancing important regional priorities has significantly strengthened our mission. He exemplifies the innovative leadership that chambers need in today’s rapidly evolving business landscape.”

ACCE has over 1,600 chambers of commerce and related business and economic development organizations as members, representing more than 9,000 professionals in the industry.

Eligible chamber professionals must be nominated by their chamber’s president/CEO, direct supervisor or board chair. Candidates must demonstrate meaningful involvement in the advancement of their community and proven professional success within their chamber.

The full 2024 Forty Under 40 list was announced publicly in Chamber Executive, ACCE’s digital magazine in December. View all the honorees online at https://magazine.acce.org/.


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Chamber Welcomes New Members at Orientation & Mixer

Business owners and professionals are invited to discover the power of Chamber membership at the North Central Massachusetts Chamber of Commerce’s new member orientation and morning mixer. The event will be held on Wednesday, January 29, 2025, from 8:30-10:00 a.m. at the Chamber’s main office, 860 South Street, Fitchburg, MA 01420.

Attendees will gain insider access to the Chamber’s comprehensive suite of business-building resources, including strategic networking opportunities, influential government affairs programs, professional development seminars and tools, cost-effective advertising platforms, health insurance options and other specialized support. The orientation is designed for new members, but is equally valuable for current members who want to get a refresher on their membership, or prospective members exploring Chamber opportunities. The orientation will conclude with a special morning mixer for new members to connect and engage with other business and community leaders. Coffee and a light continental breakfast will be provided.

“This is a great opportunity for members and non-members to learn about the dynamic nature of the North Central Massachusetts Chamber of Commerce,” said Roy Nascimento, president & CEO. “Attendees will learn about the important work that we do advancing the region as well as the tremendous resources we offer for businesses of all sizes and industries.”

Secure your spot at this complimentary member orientation and mixer by registering online at www.northcentralmass.com. Space is limited. For additional information, contact the Chamber at 978.353.7600 ext. 235.

Can’t make the event? Schedule a personalized Chamber introduction with Patrick O’Hara, Manager of Membership Recruitment & Engagement, at 978.353.7600 ext. 235 or to discover how Chamber membership can benefit your business.

Register Now

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Local high school students are encouraged to apply for North Central Massachusetts Chamber Foundation Scholarship Program

The North Central Massachusetts Chamber Foundation is excited to announce that applications for the 2025 Scholarship Program are now being accepted from local high school students in North Central Massachusetts.

Each year, the Chamber Foundation awards approximately 25 college scholarships to support students continuing their education, made possible by contributions from members of the North Central Massachusetts Chamber of Commerce. Beginning in 2025, the Foundation will also introduce a new non-traditional scholarship specifically for students pursuing trade programs or vocational training, expanding opportunities for diverse career pathways.

Students interested in applying for a scholarship in 2025 should reach out to their high school guidance department. Each school in the Chamber’s service area can submit a limited number of scholarship applicants each year. These applications will be reviewed by a committee of Chamber members. The deadline to apply is Monday, March 3, 2025.

Since establishing its scholarship program, the North Central Massachusetts Chamber Foundation has awarded over one million dollars in scholarships. Many of these awards are made possible through contributions from Chamber members. Scholarships offered through the Chamber Foundation are often named in honor of prominent members of the North Central Massachusetts business community, whose philanthropy and commitment have significantly shaped the region.

The Chamber Foundation is a 501(c)(3) non-profit organization focused on improving the area through charitable activities. Funds raised by the Foundation are primarily used for education and workforce development initiatives, as well as charitable activities in North Central Massachusetts. This includes scholarships for eligible applicants pursuing education and grants to support economic and community development projects.

Donations to support the Chamber Foundation’s scholarship program are greatly appreciated. Contributions can be mailed to the North Central Massachusetts Chamber Foundation at 860 South St., Fitchburg, MA 01420, or made securely online at www.northcentralmass.com/donate.

For those interested in endowing a named scholarship in honor of a prominent business or community leader, please contact Teresa Roberts, Director of Finance, or Roy Nascimento, President, at 978.353.7600 ext. 227 or 225.

For more information on the North Central Massachusetts Chamber Foundation’s scholarship program or to view a list of the named scholarships, please visit northcentralmass.com or call 978.353.7600 ext. 222.


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January Edition of Good Morning North Central Features Pro-Football Hall of Famer Andre Reed and Mass Taxpayers Foundation President Doug Howgate

The North Central Massachusetts Chamber of Commerce will host its next Good Morning North Central breakfast program on Friday, January 10, 2025, from 7:15 a.m. to 9:00 a.m. at Great Wolf Lodge, 150 Great Wolf Drive, Fitchburg, MA. The January edition is sponsored by Rollstone Bank and Trust.

The featured speakers will discuss the new professional football team coming to North Central Massachusetts and provide insight into the state’s economic competitiveness.

About the Speakers:

Andre Reed is a Pro Football Hall of Fame inductee (Class of 2014) and current Commissioner of the Entertainment Football League Association (ENTFLA) and the Fitchburg Heroes professional football team. During his 16-year NFL career, primarily with the Buffalo Bills, Reed earned seven consecutive Pro Bowl selections and appeared in four Super Bowls. He ranks among the NFL’s all-time leaders in receptions, receiving yards, and touchdown catches. Through his Andre Reed Foundation, he helps underprivileged children reach their full potential. In his current role, Reed leads ENTFLA’s mission to bring professional sports-entertainment to underserved markets through fan-focused events.

Doug Howgate serves as President of the Massachusetts Taxpayers Foundation, bringing extensive public policy experience to the role. Prior to joining MTF, he held key positions including Senior Policy Advisor to Senate President Karen Spilka and Budget Director at the Senate Committee on Ways and Means. Howgate holds degrees from Holy Cross and Georgetown’s McCourt School of Public Policy.

The Good Morning North Central breakfast series is the Chamber’s longest running program. The breakfast series started in 1984 and has evolved into a high-profile, fast-paced and educational morning program geared towards executives, senior managers, professionals and business owners from throughout North Central Massachusetts. Over the years, speakers have included governors, senators, prominent business and civic leaders, authors and celebrities.

Pre-registration is required. The cost to attend the event is just $35 for Chamber members/$50 for non-members and includes a breakfast buffet. For more information or to register, please visit www.northcentralmass.com or contact Valerie Bruno at 978.353.7600 ext. 235 or via email at .

Register Now

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Transform Your Business’s Visibility in North Central Massachusetts!

Showcase your brand in the upcoming Spring/Summer Guide to North Central Massachusetts – the region’s premier lifestyle and tourism publication that captures the essence of our vibrant region. This stunning, full-color magazine reaches an engaged audience of residents, visitors, and business leaders who are actively exploring everything our dynamic region has to offer.

Why advertise with us?

  • Premium Distribution: 35,000+ copies strategically placed across 200+ high-traffic locations
  • Maximum Exposure: Featured at the bustling Johnny Appleseed Visitors Center on Route 2, 46 AAA offices statewide, numerous locations throughout the region and beyond, and posted online
  • Targeted Reach: Connect with affluent readers actively seeking local experiences, services, and businesses
  • Lasting Impact: Our high-quality, glossy format ensures your ad maintains its visual appeal throughout the season

Don’t wait – prime advertising spaces are filling fast! Secure your spot in this influential publication by contacting Diane Burnette today.

Email:

Position your business where it deserves to be – at the forefront of North Central Massachusetts’ most trusted guide to regional excellence.


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Massachusetts New Business Laws 2025

Massachusetts New Business Laws 2025

Major regulatory changes are reshaping the business landscape in North Central Massachusetts as we begin 2025. Business owners need to navigate updates to employee benefits programs, including modifications to Paid Family and Medical Leave (PFML), Unemployment Insurance (UI), and Workers’ Compensation. The new Act Relative to Salary Range Transparency introduces additional compliance requirements, while the latest phase of the 2023 Massachusetts Tax Cuts Legislation takes effect. Meanwhile, the federal Department of the Treasury has postponed the implementation of the Corporate Transparency Act (CTA), originally scheduled for January 1, 2025.

The following is for informational purposes only. If you are in need of legal advice, please contact a licensed legal professional in your area.

Paid Family Medical Leave (PFML):

  • Maximum weekly benefits under PFML are increased from $1,149.90 to $1,170.64 for 2025.
  • Contribution rates remain unchanged:
    • Contribution rates for employers with 25 or more covered individuals remain unchanged at 0.88 percent of eligible employee wages for 2025, with .18 percent for family leave and .70 percent going to medical leave.
    • Contribution rates at employers with fewer than 25 covered individuals remain unchanged at 0.46 percent for 2025 with .18 percent for family leave and .28 percent going to medical leave.
  • State Resources:

Unemployment Insurance:

  • The Massachusetts Department of Unemployment Assistance (DUA) is continuing with its modernization of the unemployment insurance system. The project, which was launched in 2023, is expected to launch a new claimant facing portal that will be mobile-friendly and accessible in English and Spanish at some point in 2025.
  • Employers are projected to see an increase as the UI system rate schedule is projected to move from C to D in January of 2025.
  • Additional Resources:

Workers’ Compensation:

  • The Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA) submitted a Rate Filing to the Division of Insurance on behalf of its members recommending an 7.1% increase in average rates for industrial classes and a 3.7% decrease for F-Classes. The WCRIBMA filed no change to expense constants. The proposed effective date of this filing is July 1, 2025.
  • Additional Resources:

An Act Relative to Salary Range Transparency:

  • Pay Range Disclosure: The provisions below will apply to employers with 25 or more employees beginning on October 29, 2025.
    • Employers will need to include the pay range for each job posting, whether it is made directly by them or through a third party.
    • Employers must provide the pay range for a particular and specific employment position to an employee who is offered a promotion a transfer to a position with new responsibilities
    • Employers must provide the pay range to applicants and current employees holding the position upon request.
    • It is unlawful for an employer to discharge, retaliate, or discriminate against an employee or applicant exercising their right to inquire about compensation details.
  • Filing Wage Data: Starting in February 1, 2025, Massachusetts employers with 100 or more employees will need to disclose pay ranges in job postings and submit detailed wage data to the state, leveraging existing federal reporting standards from the Equal Employment Opportunity Commission (EEOC)
    • Following the February 1, 2025 deadline, subsequent filings will be due annually or every other year, depending on the type of report required of the employer.
    • The Commonwealth will then publish aggregated wage and workforce data by industry on the Department of Labor and Workforce Development’s website by July 1 of each year.
  • State Resources:

2023 Massachusetts Tax Cuts Legislation:

  • Change affecting only corporate excise taxpayers: single sales factor apportionment
    • Starting January 1, 2025, all financial institutions and business corporations doing business in multiple states will apportion their income to Massachusetts using only the sales factor, instead of based on their share of sales, payroll, and property located in Massachusetts as required under current law. These financial institutions and business corporations will apportion their income to Massachusetts using Schedule F.
  • State Resource: 2023 Massachusetts Tax Cuts Legislation | Mass.gov

The Corporate Transparency Act: Enacted in 2021, the CTA is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud.

  • The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. Under the CTA, beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury.
  • Prior to a December order, small businesses meeting certain criteria would have had to file reports by January 1, 2025 or risk facing fines and criminal penalties.
  • Following an injunction from a Texas court back on December 3rd, implementation of CTA’s beneficial ownership reporting requirements were placed on hold. A decision by a panel of the U.S. Fifth circuit Court of Appeals on Dec. 23rd dissolved the preliminary injunction, only to have the preliminary injunction essentially reinstated by a the U.S. Fifth Circuit Court of Appeals three days later on December 26th.
  • Until the proceedings are concluded, reporting companies are NOT currently required to file their beneficial ownership information with FinCEN and are NOT subject to liability if they fail to do so while the order remains in force.
  • In an alert on their website, FinCEN goes on to say that reporting companies may continue to voluntarily submit beneficial ownership information reports.
  • Additional Resources:

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Bitcoin Ben Crypto Club Massachusetts Opens in Leominster to Educate and Empower North Central Massachusetts on Cryptocurrency

Explaining “Bitcoin” and “Crypto Currency” can be very confusing.  The new Leominster office of Bitcoin Ben Crypto Club Massachusetts is trying to help educate folks in the region what these topics are all about.

“We are educating people in the right direction of this revolutionary technology,” said business representative Edward Albert. After opening its first location in 2023, the Leominster office was the 3rd location when it opened in June of 2024.

“We want folks to join, share, learn and earn!” said Albert.  He noted that the Crypto Club really doesn’t have any competition and “is the first of its kind in the world!”  Albert added the most special part about doing business in North Central Massachusetts is “changing lives and providing opportunities for the community.”  The office has already gotten involved in the community as a premier sponsor of this year’s Johnny Appleseed Festival.  Albert considers the club an “economical hospital” and is looking for the chamber to expand its reach and assist more people. “We’re also a social club with ever changing events from music, open mic to poker..etc.,” said Albert.

The Club has its eye on growing and opening future clubs in most every state. According to it’s website, the Club was founded by “Bitcoin” Ben Semchee – a former truck driver and a cryptocurrency enthusiast, influencer, and entrepreneur who is bringing Bitcoin, Litecoin, and other cryptocurrencies into the  mainstream.

After creating daily Facebook videos in his truck, he attracted the attention of the  “average Jane and Joe” as well as other cryptocurrency organizations and  influencers with his ability to explain complex cryptocurrency-related  subjects while injecting humor and patriotism.  Ben currently produces several live videos a day and can be seen on X,  Youtube, Facebook, Rumble, NetFlix, Amazon Prime, Netflix, Roku, The X22  Report, WENG Radio, and more.

The Club located at the old Gariepy Furniture Building at 91 Central St. in Leominster offers day passes which provides access to video training, 15-minute one-on-one sessions with staff for general questions, use of the club library, a Bitcoin ATM and a Coffee Bar.  According to the website, the Club is at its core “a Bitcoin and cryptocurrency education and freedom club! In person and online training is available to all members, learn secure ways to buy, sell, and store Bitcoin and cryptocurrencies!”

People can meet and network with other Bitcoin and cryptocurrency enthusiasts who love freedom and love making new friends and helping others! Check the social calendar often for meetups and more! For details, visit https://bitcoinbencryptoclubmass.com/.


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Public Opinion Poll Affirms Pivotal Role of Chambers of Commerce

U.S. adults recognize the wide-sweeping impact of their local chamber, ACCE/Harris Poll survey finds

Results from a nationwide public opinion poll indicate chambers of commerce are vital to the prosperity of their communities. The Harris Poll survey, conducted on behalf of the Association of Chamber of Commerce Executives (ACCE), finds 81% of U.S. adults agree their local chamber of commerce is a trusted resource and partner for businesses. Around nine in 10 feel their local chamber has an impact on growing the local economy (90%) and addressing challenges within their community (88%).

“The poll’s findings assert the crucial role chambers of commerce play for businesses, economies and communities,” said Sheree Anne Kelly, ACCE president and CEO. “Chambers are trusted and innovative organizations. As a result, we are seeing tremendous momentum to bring even more bold leadership and lasting impact on the communities we serve.”

Public-Opinion-Poll-Affirms-Pivotal-Role-of-Chambers-of-Commerce-2Key findings of the poll include:

  • Chambers are Trusted: 81% of U.S. adults agree their local chamber is a trusted resource and partner for businesses. 90% feel their local chamber has an impact on growing the local economy.
  • Chamber Membership Strengthens a Business’s Reputation: 64% of adults who are familiar with their local chamber are more likely to purchase goods and services from a business they know is a member of their local chamber. 63% of these adults are more likely to recommend that business to someone else.
  • Chambers Serve Businesses and Communities: 76% of U.S. adults agree local chambers are stewards of a strong local economy. 74% believe local chambers create jobs and promote local community development. 72% believe local chambers play a key role in addressing community challenges.
  • Business Owners See the Value: 65% of business owners see their local chamber as an advocate for initiatives and policies that are in the best interest of their business. 62% believe the chamber supports the growth and prosperity of their business.
  • People Want to Learn More About Their Local Chamber: 70% of U.S. adults wished they knew more about the work their local chamber does in the community. Specifically, they are most commonly interested in learning more about the type of impact local chambers have in their community (49%), more general information about chambers of commerce (43%), and which local businesses are members (42%).

“This survey data is proof positive that when a Chamber of Commerce is deeply rooted in its community, the results are extraordinary,” said Roy M. Nascimento, president and CEO, North Central Massachusetts Chamber of Commerce. “That’s exactly what we’re seeing across North Central Massachusetts, where our work has created positive impact across all 27 of our communities.”

To drive regional growth and prosperity, the Chamber developed One North Central, a comprehensive economic development strategy providing actionable frameworks for education, workforce and real estate development, small business lending, and tourism marketing across the region.

Public-Opinion-Poll-Affirms-Pivotal-Role-of-Chambers-of-Commerce-1One North Central catalyzed growth and opportunity in our region through innovative financing solutions, like the Regional Business Investment Fund and the North Central Massachusetts Land Bank, along with strategies to attract more visitors to our region—together creating a powerful engine for regional development,” added Nascimento.

This strategic focus on tourism is already showing impressive results. Recently published Massachusetts data revealed North Central’s tourism economy reached $469.9 million in direct visitor spending in 2023, representing a 19.7% increase since 2019. This thriving tourism sector now annually supports 4,300 local jobs and generates $117.3 million in direct earnings, while contributing $41.2 million in combined tax revenue ($8.2 million local and $33 million state).

The impact continues through the work of the North Central Massachusetts Development Corporation, the Chamber’s economic development and lending arm. In the past year alone, the Corporation provided more than $1.1 million in small business loans and delivered 2,100 hours of technical assistance, helping dozens of local entrepreneurs launch and expand their businesses. It has loaned out more than $26 million since its inception in 1996.

The Chamber’s commitment to future growth also extends to workforce development through its educational initiatives. The organization awarded more than $50,000 in traditional and non-traditional scholarships to the Class of 2024. Additionally, its flagship Community Leadership Institute has equipped over 300 professionals with advanced leadership skills since its inception in 1989.

“As we address today’s challenges, we’re actively building tomorrow’s opportunities,” said Nascimento. “Through our scholarship programs and the Community Leadership Institute, we’re developing a pipeline of skilled professionals and engaged community leaders who will drive North Central Massachusetts toward an even stronger future.”

Methodology

Public-Opinion-Poll-Affirms-Pivotal-Role-of-Chambers-of-Commerce-3This survey was conducted online within the United States between September 5-9, 2024 among 2,075 adults (aged 18 and over) including 141 respondents who are business owners (i.e., employed with a title of CEO, partner or owner) by The Harris Poll on behalf of the Association of Chamber of Commerce Executives (ACCE) via its Harris On Demand omnibus product.

Data were weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income, [employment], and political party affiliation, to bring them in line with their actual proportions in the population.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within + 2.5 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed population of interest.

All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments.

Additional insights can be found at acce.org/poll. Questions about the study may be directed to Jen Pruden (), communications manager, resources and benchmarking, at ACCE.


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Holiday Message from the Chamber President

Dear Chamber Members, Partners, and Friends,

As we approach the end of another remarkable year, I want to take a moment to reflect on our shared accomplishments and express my deepest gratitude to each of you who make North Central Massachusetts such a vibrant and dynamic business community. We continue to build upon our commitment to excellence in serving our region exemplified by our national recognition as a five-star accredited chamber and selection last year as National Chamber of the Year.

Throughout 2024, your unwavering support and active participation have been the driving force behind our Chamber’s success. Together, we’ve strengthened our regional economy, fostered meaningful connections, and created new opportunities for businesses of all sizes. Our dynamic monthly programming has brought together hundreds of professionals through diverse events – from strategic networking sessions to policy forums with government leaders and educational workshops – while our advocacy efforts successfully championed policies that support local business growth and development.

Our focus on strengthening key sectors and developing regional leadership has yielded significant results this year. We launched our Manufacturing Council and continued our successful electricity cost-savings program that benefits local manufacturers. We strengthened our healthcare sector engagement through our leadership in workforce development initiatives – including our regional jobs board, career fairs, and convening key stakeholders – while our shop local campaigns energized independent businesses throughout the region. Our Community Leadership Institute saw exceptional participation in this year’s class and underwent meaningful enhancements to further develop our region’s future leaders. The launch of our Regional Business Investment Fund has created new opportunities for growth, and our support for downtown revitalization and housing initiatives has helped strengthen several communities’ economic foundations.

Our affiliated organizations, including the North Central Massachusetts Development Corporation, Visit North Central Massachusetts, the North Central Massachusetts Chamber Foundation, and our newest affiliate, the North Central Massachusetts Land Bank, Inc., have further amplified our reach. The impact of our collective efforts is evident in the numbers: we’ve welcomed 115 new members to our chamber family, provided over $1.1 million in small business loans, delivered more than 2,000 hours of technical assistance to local enterprises and helped create or retain hundreds of jobs. Together, we’ve also helped attract more than $496 million in visitor spending through our marketing efforts and provided over $50,000 in scholarships to support our region’s future leaders.

With more than 50,000 followers across our social media channels, significantly increased website traffic, and growing engagement on our podcast and other communication platforms, we’re providing more opportunities than ever to showcase our members’ successes and amplify their voices. This expanded reach reinforces North Central Massachusetts as a premier destination for business and innovation.

What makes these achievements truly special is that they represent more than just business success – they demonstrate the strength of our Chamber community and our shared commitment to making North Central Massachusetts an even better place to live, work, and do business. I’m particularly proud that our work has touched every single one of our 27 communities in North Central Massachusetts, creating positive impact throughout the region.

As we look ahead to 2025, I am filled with optimism about the opportunities before us. We have ambitious plans to expand our services, enhance our advocacy efforts, and advance our members and communities. I am bullish on our region, and with your continued engagement, we are well-positioned to capitalize on new opportunities for growth and innovation.

To our dedicated board members, committed volunteers, hardworking staff, and loyal members – thank you for being an integral part of our chamber community. Your trust in our organization and your investment in our region’s future continue to inspire us.

May this holiday season bring you joy, peace, and time with loved ones. Here’s to a prosperous and exciting 2025, filled with new achievements and strengthened partnerships.

Warm regards,
Roy M. Nascimento, CCE, IOM
President & CEO
North Central Massachusetts Chamber of Commerce


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Corporate Transparency Act News

Last week, a federal judge in Texas halted the implementation of the Department of the Treasury’s Corporate Transparency Act (CTA).

Background:  Enacted in 2021, the CTA is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. Under the CTA, beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury. Prior to the ruling, small businesses meeting certain criteria would have had to file reports by January 1, 2025 or risk facing fines and criminal penalties.

There have been numerous challenges to the CTA across the country, with the most recent challenge being heard last week in Texas, Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.). The order from the Texas judge has halted implementation of the CTA’s beneficial ownership reporting requirements until the conclusion of legal proceedings. Following that order, The Department of Justice, on behalf of the Department of the Treasury, filed a Notice of Appeal on December 5, 2024.

What this means for your business:

This preliminary relief means that until the proceedings are concluded, reporting companies are NOT currently required to file their beneficial ownership information with FinCEN and are NOT subject to liability if they fail to do so while the order remains in force. In an alert on their website, FinCEN goes on to say that reporting companies may continue to voluntarily submit beneficial ownership information reports.

Read More:
U.S. Chamber Article: What Every Small Business Needs to Know About the Corporate Transparency Act
FinCEN Beneficial Ownership Information website: https://fincen.gov/boi


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