S. 5518 — Introduced in Senate

II 118th CONGRESS 2d Session S. 5518 IN THE SENATE OF THE UNITED STATES December 12, 2024Mr. Budd introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To extend the deadline for submitting certain beneficial ownership information reports for companies affected by Hurricane Helene or Milton. 1. Short title This Act may be cited as the Flexible Compliance for Emergencies and Natural Disasters Act. 2. Definitions In this Act: (1) Company affected by Hurricane Helene or Milton The term company affected by Hurricane Helene or Milton means a reporting company— (A) formed or registered before, on, or after the date of enactment of this Act; and (B) that the Secretary of the Treasury determines is located in an area— (i) affected by Hurricane Helene or Milton; and (ii) for which the President has declared a major disaster under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5170). (2) Reporting company The term reporting company has the meaning given the term in section 5336(a) of title 31, United States Code. 3. Extending the deadline for submitting certain beneficial ownership reports for companies affected by Hurricane Helene or Milton A company affected by Hurricane Helene or Milton shall not be required to submit any report described in section 5336 of title 31, United States Code, before January 1, 2026.