A law signed earlier this year was supposed to help stop money laundering and terrorist activity, but one ag group says the law is having unintended consequences on farmers.
R-Calf USA tells aginfo.net it centers around The Corporate Transparency Act. It requires qualifying small businesses like farms and ranches to report the beneficial owners of the operations. R-Calf CEo Bill Bullard says having the government demand personal information is unconstitutional, and he is joining a lawsuit fighting the requirements.
“So we have joined in a lawsuit that was filed last week in Utah alleging that The Corporate Transparency Act violates the U.S. Constitution, and we’re seeking an injunction to protect all of our members, independent farmers and ranchers that belong to our camp, from being subjected to these rules.”
The Corporate Transparency Act impacts businesses making less than $5 million in revenue each year and having fewer than 20 employees.
