The National Federation of Independent Business (NFIB) has commended New York Governor Kathy Hochul for vetoing the LLC Transparency Act, a bill that would have introduced new reporting requirements and penalties for small businesses in the state. The NFIB, which represents more than 11,000 members in New York, issued a statement through its State Director, Ashley Ranslow.
“NFIB thanks Governor Kathy Hochul for exercising her veto today to protect tens of thousands of New York small businesses from the litany of heavy-handed reporting requirements and fines this legislation sought to impose on Main Street. The LLC Transparency Act intentionally targets small employers with new regulations while providing specific exceptions for many big businesses and corporations. The deck is already stacked too often against the small businesses that create jobs and vibrancy in neighborhoods and communities across our state. The Governor’s action today provides welcome reprieve from yet another redundant, costly, and excessive burden,” Ranslow stated.
The NFIB has been an advocate for small and independent business owners nationwide for over eight decades. As a nonprofit organization founded in 1943, it operates in all 50 states and continues to focus exclusively on supporting these enterprises. More information about their activities can be found at nfib.com.
