SE Wyoming News

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 prevent the enforcement of the Corporate Transparency Act (CTA). The legislation is seen by Lummis and Gray as a threat to small businesses in Wyoming due to its stringent regulatory demands.

"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," stated Lummis. She emphasized that small businesses are crucial to Wyoming's economy, but federal requirements under the CTA pose significant challenges. "I am partnering with Secretary Gray to defend our small businesses from this egregious overreach."

Gray echoed these concerns, labeling the CTA as an unconstitutional measure affecting small business owners nationwide, including those in Wyoming. "It is up to all levels of government to push back against unconstitutional intrusions," he said, expressing gratitude for Lummis's collaboration on this issue. He hopes that the Supreme Court will continue blocking the CTA's enforcement.

Wyoming has been recognized as a favorable location for corporate formation due to its stable regulatory environment, which proponents argue could be compromised by this statute. The act mandates over 32 million small businesses across the U.S., particularly those with fewer than 20 employees or $5 million or less in sales, to comply with complex reporting requirements that many are unaware of. Non-compliance could result in severe penalties, including fines up to $10,000 and potential imprisonment for up to two years.

A copy of the amicus brief is available for public access.