(ID Sec’y of State Press Release, February 21, 2025)
This week, I joined a coalition of Secretaries of State in calling on President Donald J. Trump to repeal the Corporate Transparency Act (CTA). This federal mandate places an unnecessary burden on Idaho’s small businesses, requiring them to report extensive personal and financial information to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Since the CTA took effect, my office has heard from countless business owners, accountants, and legal professionals frustrated by the lack of clear guidance and the overwhelming compliance requirements. Idaho’s small businesses are the backbone of our economy, and instead of supporting them, the federal government has added yet another layer of bureaucracy that does little to stop bad actors but makes life more difficult for hardworking entrepreneurs.
President Trump has an opportunity to reverse course and eliminate this harmful regulation. Along with my colleagues from across the country, I signed onto a letter urging him to take immediate action to repeal the CTA and relieve small businesses of this undue burden. I remain committed to ensuring that Idaho businesses can operate freely and successfully without unnecessary federal overreach.
As your Secretary of State, I will continue to stand up for Idahoans and fight for common-sense policies that protect our businesses and strengthen our economy. You can read the full letter we sent to President Trump here.
Phil McGrane
