The Corporate Transparency Act (CTA), enacted in 2021 and effective from January 1, 2024, is a federal law that aims to combat illicit activities such as money laundering, terrorism financing, tax fraud, and other misconduct through business entities. It does so by requiring certain U.S. businesses to report information about their beneficial owners and controlling persons. Under the CTA, entities deemed to be “Reporting Companies” are required to report. A “Reporting Company” under the CTA is defined as any company that is created by filing a document with a governmental agency (including a federally recognized Indian Tribe), such as a corporation, a limited liability company, or a limited partnership; or a foreign-formed entity that is registered or registers to do business in the United States. Not all entities are considered “Reporting Companies”. The CTA generally applies to smaller and medium-sized legal entities, including shell companies. These are entities that:
The penalties for not complying with the CTA are quite severe. They include both civil and criminal penalties:
The impact of the CTA on small businesses across the United States is significant. It imposes broad ownership disclosure obligations on any entity formed or doing business in the United States. Recently, a federal judge in the U.S. District Court for the Northern District of Alabama held the CTA to be unconstitutional as a matter of law on March 1, 2024. This case will undoubtedly be appealed. As a result, the CTA remains in full effect except as to members of the National Small Business Association (NSBA) and possibly reporting companies in the Northern District of Alabama. Stay tuned for more information. Reference: Business Law Today , US Chamber of Commerce AuthorMatt Murphy, TCRCC Government and Regional Affairs Director, [email protected]
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The Tri-City Regional Chamber of Commerce in conjunction with our partners at Associated General Contractors, Educational Service District 123 and the Tri-Tech Skills Center are holding our 2024 Career Signing Day on Tuesday, June 11 in the Bechtel Board Room at 7130 W. Grandridge Blvd. Kennewick. A “Career Signing Day” is a special event designed to recognize and celebrate high school students who are choosing to enter career pathways leading to in-demand careers and occupations directly from high school. This event is like the traditional College Signing Day, where high school graduates pledge to attend a particular college or university. However, Career Signing Day focuses on students who commit to a career after high school. The goal of our event is to show students that these are good jobs and to celebrate the employers who are giving the student the opportunity for a skilled, hands-on career without accumulating college debt. During a Career Signing Day, students are recognized for their commitment to a skilled job. They sign a letter of intent, indicating their commitment to work in a specific field after graduation. In summary, Career Signing Day is a celebration of students' commitment to enter the workforce immediately after high school, particularly in trades and other in-demand occupations. If you know of a graduating senior that is eligible to participate in the ceremony or perhaps you are an employer that is hiring a new graduate, let the Chamber know. We'd love to include you! AuthorMatt Murphy, TCRCC Government and Regional Affairs Director, [email protected] Congratulations to B5 Community Learning Center on the ribbon cutting ceremony and grand opening of their new location! The new facility is located at 715 S. Jean Place in Kennewick. Congratulations to Core Collective 509 on their ribbon cutting ceremony on Thursday, May 16! Their beautiful new location is located at 3600 S. Zintel Way, Ste. B in Kennewick. Over 70 people attended the Washington APEX Accelerator Meet the Agencies Tri-Cities event on Tuesday, May 14 at the Clover Island Inn. The special workshop was dedicated to helping local contractors learn more about public works contracting, featuring representatives from Benton County, the City of Pasco, the City of Richland, the Port of Pasco, and more. The 2024 election year is shaping up to be exciting. All the legislative districts that surround the Tri-Cities have been rearranged, and many voters across Benton and Franklin Counties will find themselves voting in new districts for candidates they have never heard of before. The 9th Legislative District, which prior to redistricting butted up against the east side of Pasco, has been pushed much further east and is no longer in our region. The 14th Legislative District, previously stretched as far east as Grandview, now wraps all the way around Kennewick and up the east side of Pasco. In some cases, legislative incumbents were redistricted out of their home districts. The redistricting has also opened many races to some fierce competition. In the four Legislative Districts surrounding the Tri-Cities, there are 10 positions open, with 6 incumbents seeking reelection. For all 10 positions, there are a total of 21 candidates. Both Benton and Franklin counties have two commissioner races, and each of those races has two or more candidates running for the position. If you want to know more about who is running for office, you can check out the State’s candidate listing page here. AuthorMatt Murphy, TCRCC Government and Regional Affairs Director, [email protected] Thanks to everyone who came out to Business After Hours at Barnard Griffin Winery on Thursday, May 9! We hope you had a wonderful time and made some fruitful new business connections. A proposal to approve the Horse Heaven Wind Farm Project has been submitted to Governor Jay Inslee by the Energy Facility Site Evaluation Council of the State of Washington (EFSEC). Tri-Cities C.A.R.E.S. - a local group dedicated to educating the public and working with local governments and organizations to protect the interests of the citizens who will be impacted by this project - has started a petition to oppose the project and is encouraging the public to sign the petition. Background: The original proposal for the Horse Heaven Hills Wind and Solar Farm in 2021 was quite ambitious. It was set to be the largest wind project ever proposed in Washington, with up to 222 wind turbines across 24 miles of the Horse Heaven Hills near the Tri-Cities. In addition, three solar arrays would cover up to 5,447 acres in the area. The Regional Chamber opposes the project - read our letter of opposition. However, the proposal underwent significant changes due to various concerns, primarily related to environmental and community impacts. Here are the major changes:
The Energy Facility Site Evaluation Council (EFSEC) of the State of Washington submitted its recommendation on the Horse Heaven Hills Wind and Solar Farm to Governor Inslee on April 29, 2024. The recommendation package was sent after a multi-year review process. Governor Inslee has three options:
By law, Governor Inslee has 60 days from the receipt of the EFSEC recommendation to make a decision. As the recommendation was submitted on April 29, 2024, we can expect a decision from Governor Inslee by the end of June 2024. For the most accurate and up-to-date information, I recommend checking the official EFSEC website. AuthorsMatt Murphy, TCRCC Government and Regional Affairs Director, [email protected] Congratulations to New U Women's Clinic and Aesthetics on the groundbreaking ceremony for their new location! The facility will be located at 10973 W. 10th in Kennewick. |
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