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HJM 3

"NEW MEXICO TRIO PROGRAMS DAY"

2025 Regular Session Introduced by Angelica Rubio

Idaho urges Congress to repeal the Corporate Transparency Act and drop its beneficial ownership reporting for Idaho small businesses; a nonbinding memorial asking federal action.

action postponed indefinitely
#memorials #other
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Bill Summary · HJM 3

Summary of Idaho House Joint Memorial HJM 3 (2025)

Note: The document content reflects Idaho legislation (not New Mexico). HJM 3 is a Joint Memorial urging federal action to repeal the Corporate Transparency Act.

Overview

  • Bill: HJM 3 (House Joint Memorial)
  • Title in document: Reflects a memorial to address federal policy on corporate transparency (not a New Mexico program day; the prompt’s New Mexico title appears to be a labeling error).
  • Purpose: To urge the United States Congress to repeal the Corporate Transparency Act of 2021 and relieve Idaho small businesses from its reporting requirements.
  • Status: Action postponed indefinitely as of June 3, 2025.
  • Introduced: February 4, 2025
  • Classification: Joint Memorial (a non-binding resolution expressing the legislature’s position and urging federal action)
  • Subject: Memorials; Other

Purpose and Intent

  • The memorial asserts that Idaho has a large share of small businesses (over 900,000 entities in the state) and that a robust, lean regulatory environment has supported growth.
  • It contends that the Corporate Transparency Act (CTA) imposes unnecessary regulatory burdens and privacy concerns on small businesses.
  • It notes court developments (in particular, injunctions and stays around beneficial ownership reporting deadlines) that have caused confusion and added costs for Idaho business owners.
  • The core request is for the President and both chambers of Congress to repeal the CTA and eliminate the associated reporting requirements.

Key Provisions (What the Memorial Says)

  • Acknowledges Idaho’s business climate and regulatory achievements.
  • Calls on the federal government to repealing the Corporate Transparency Act of 2021.
  • Urges relief from beneficial ownership reporting requirements for Idahoans/businesses.
  • Directs the Idaho House Chief Clerk to forward a copy of the memorial to the President, Senate, House, and the state’s congressional delegation.

Who is Affected

  • Primary: Idaho small business owners and entities subject to CTA reporting requirements (beneficial ownership disclosures).
  • Secondary: The U.S. Congress and federal agencies (as the memorial seeks federal action).
  • The memorial does not impose new state obligations or funding obligations; it seeks federal action.

Fiscal and Procedural Aspects

  • Fiscal Impact: The attached fiscal note states no estimated impact on the general fund.
  • Procedural history highlights:
    • Introduced February 4, 2025
    • Passed the House and moved through committee processes in February 2025
    • Adopted and transmitted in March 2025
    • The measure was later placed on an “action postponed indefinitely” status on June 3, 2025.
  • As a memorial, the measure is non-binding and serves to express the Legislature’s position and to urge federal action rather than to enact state law.

Context and Notes

  • The memorial references legal challenges and regulatory uncertainty surrounding the CTA, including injunctive actions and appellate court stays, which affect filing deadlines for beneficial ownership information.
  • While the memorial expresses a clear policy stance, it does not create or alter state law; its influence rests in signaling legislative priorities and urging federal action.

Compiled from official sources — confirm details with the bill’s official record.

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