Regulations and Government
NBAA: Be Prepared for Ownership Reporting Requirements
Legal experts caution that further court action could be ahead
Court Gavel (Photo: Pixabay)
Lawyers anticipate further litigation surrounding the Corporate Transparency Act. © Pixabay

While a U.S. district court has halted certain ownership reporting requirements under the Corporate Transparency Act (CTA), NBAA is advising members to remain prepared to comply.

Enacted in January 2021, the CTA authorized the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) to require certain limited liability companies and other organizations to furnish “ultimate beneficial-owner information” such as name, date of birth, and address. This included LLCs that own business aircraft. NBAA noted that the use of LLC is a common structure for aircraft leases. Under CTA, affected companies were required to comply by Jan. 1, 2025.

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