search.noResults

search.searching

saml.title
dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
Government Relations Committee THE MARYLAND HORSE COUNCIL


by Jane Seigler, MHC Government Relations Committee Co-Chair Some Developments on the Federal Front


Corporate Transparency Act has Important Dead- lines & Potentially Severe Penalties


On January 1, 2024, a sweep-


ing new federal law went into effect that requires many small businesses,


including farms, to


disclose detailed information about their ownership and con- trol. Te Corporate Transparency Act (CTA), is intended to combat money laundering, financial fraud, and terrorist financing, by requir- ing businesses to submit a report about their “beneficial owners,” i.e., those who own or control the business. Te CTA creates a


national database that law enforcement and financial institutions can use to distinguish legitimate businesses from those operating as “shell” companies. It has significant implications for a broad range of U.S. small businesses, including farms and agricultural operations. Te CTA applies to most U.S. businesses formally created as separate entities from the people who own and run them, including corporations, limited liability companies (LLCs), and similar entities. Tis includes both new businesses and those already in operation. Tere are some exemptions, including sole proprietorships, general partnerships, and nonprofits, as well as banks, insurance companies, and others believed to already be sufficiently regulated by state or federal government. Interest- ingly, large companies – with more than twenty employees, five million dollars in gross revenue, and a physical office in the United States – are also exempt.


Under the CTA, businesses must report specific information about


their “beneficial owners.” A beneficial owner is someone who directly or indirectly exercises substantial control over the company.


Covered businesses must submit: 1. “Entity Information” - Legal name of the company, any trade names, business address, and Taxpayer Identification Number (TIN) or Em- ployee Identification Number (EIN). 2. “Beneficial Owner Information” - Full legal name, date of birth, ad-


dress, and identification number (e.g., driver’s license, passport, or simi- lar). For businesses established after January 1, 2024, additional informa- tion is required. Tis information must be updated whenever there are significant changes.


Te filing deadline for most businesses is January 1, 2025. However,


there are exceptions based on when a business was formed. Businesses formed between January 1, 2024, and January 1, 2025, must file within 90 days of formation; businesses formed on or after January 1, 2025, must file within 30 days of formation. Tere are significant penalties for failure to comply with the CTA,


including:


• Civil penalties of up to $591 per day for continued non-compliance. • Fines of up to $10,000. • Possible two-year imprisonment for willfully failing to report or for providing false information.


Te U.S. Treasury Department has set up an online portal at https://


boiefiling.fincen.gov/fileboir where businesses can file their reports se- curely. Tere are no fees associated with filing. For more details on reporting and a complete list of exceptions, see


the Small Entity Compliance Guide at https://www.fincen.gov/sites/ default/files/shared/BOI_Small_Compliance_Guide_FINAL_ Sept_508C.pdf on the FinCEN’s Beneficial Ownership Information website https://www.fincen.gov/boi.


USDA Proposes Increased User Fees for Animal Im- port/Export Services


Te U.S. Department of Agriculture’s (USDA) Animal and Plant Health Inspection Service (APHIS) is seeking public comment on pro- posed changes to user fees for veterinary diagnostic goods and services, along with veterinary services for imports and exports of live animals and animal products. APHIS charges user fees because the animal health import and export


services occur significant costs around the country, costs for which the U.S. Congress appropriates no funding. According to APHIS’s notice, the “animal health import and export user fees cover significant activities across the country, including at border locations and quarantine facilities. Tese fees support personnel, facilities, and information technology sys- tems. Tey also recover the costs of inspection and certification services for imports and exports of live animals, animal products, and animal by- products as well as provide for veterinary diagnostic goods and services.” Te portal in the Federal Register will accept public comments on this


proposal until December 9. You can read more, and submit a comment, at https://www.federalregister.gov/documents/2024/11/08/2024-25826/ veterinary-services-user-fees#:~:text=APHIS%20will%20round%20 calculated%20fees,all%20fees%20greater%20than%20%2410


New Maryland Environmental Regulations Locally, emergency regulations regarding a new permit program for


food processing residuals have been issued by the Maryland Department of Agriculture.


continued...


MHC does not endorse political candidates. We support incumbents who are in a position to support, or have already supported, the horse industry on general policy issues and in specific pieces of legislation.


36 | DECEMBER 2024 | THE EQUIERY YOUR MARYLAND HORSE COUNCIL PUBLICATION 800-244-9580 | www.equiery.com


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52