U.S. Senator Cynthia Lummis and Wyoming Secretary of State Chuck Gray have submitted an amici curiae brief to the U.S. Supreme Court, aiming to halt the implementation of the Corporate Transparency Act (CTA). The brief argues that the act imposes a significant regulatory burden on small businesses in Wyoming.
Senator Lummis expressed her concerns, stating, “The last thing business owners in Wyoming need after surviving four years of the Biden administration are more attacks on their small businesses, privacy and constitutional rights.” She emphasized that small businesses are crucial to Wyoming’s economy and criticized federal requirements as detrimental.
Secretary Gray also voiced his opposition to the CTA, describing it as “an unconstitutional intrusion hurting small business owners across our country, including Wyoming.” He praised Senator Lummis for her collaboration on this issue and expressed hope that the Supreme Court would block enforcement of the act.
Wyoming is known for its favorable environment for corporate formation, but officials argue that maintaining this climate is challenging under the new statute. The CTA mandates over 32 million small businesses nationwide to comply with complex reporting requirements. Non-compliance could result in severe penalties, including fines up to $10,000 or imprisonment for up to two years.
A copy of the amicus brief is available online.
