As time continues to run out, members of Congress have finally released the text of a proposed funding measure to keep the lights on. As expected, this is a short-term bill intended to fund the government until March 14, 2025. Without action by Friday, December 20, 2024, several government agencies will run out of funding.

Don’t be fooled by the “brief” in the phrase “short-term”: the bill is 1,547 pages long. (In contrast, the September 25, 2024 continuing order extending funding through December 20, 2024 was only 21 pages.)

Important provisions

The bill is full of programs and optimizations. Here’s a look at some of the key (and interesting) features of the bill.

The continuing resolution continues to fund most programs and activities, including the military, largely at fiscal year 2024 levels.

The bill also includes approximately $100 billion in federal assistance for natural disasters, including money for victims of Hurricanes Helene and Milton, and an additional $29 billion for the Federal Emergency Management Agency (FEMA) disaster fund (you may recall that the agency reported in August that the disaster fund had run out of money).

The bill would also fund the reconstruction of the Francis Scott Key Bridge in Baltimore after it was damaged by the cargo ship Dali in March of this year.

The bill also includes $21 billion in economic aid for disaster-hit farmers — a move that slowed previous negotiations — but does not address IRS funding.

There are provisions on literacy, mental health, hotel fees, ticket prices, and the blockchain – as well as pages (and pages) of health regulations, including funding for public health programs, oversight of pharmacy benefit management services, and overdose and suicide prevention programs.

There seems to be something for everyone except National Football Conference – Eastern Division fans who don’t support the Commanders. The bill includes a provision to transfer jurisdiction over the Robert F. Kennedy Memorial Stadium campus from the federal government to the city of D.C. for 99 years. This would allow the commanders to negotiate a new stadium locally (the team’s lease at FedEx Field ends in 2027).

Expansion of Beneficial Ownership Information (BOI).

Also hidden in the invoice? Language that would delay BOI reporting requirements under the Corporate Transparency Act (CTA). Designed to make it harder for bad actors to hide their identities and ill-gotten gains through shell companies or opaque corporate structures, the CTA attracts businesses and owners. The information that must be reported includes ownership details, including name, date of birth, address and a scanned image of an identification document such as a driver’s license or passport – of each so-called “beneficial owner”. The same information generally needs to be provided for a business applicant – typically the person who helped form the business (most commonly a business incorporation company or a lawyer).

These reports are filed online with the Financial Crimes Enforcement Network (FinCEN). FinCEN expected to receive over 32 million reports in the first year the law took effect – this year, 2024.

The move was welcomed by the National Small Business Association. Todd McCracken, President and CEO of the NSBA, said, “NSBA has been leading the charge against the CTA for years. There is a lot of confusion and concern among America’s smallest businesses about the BOI reports. By including this delay, it provides much-needed predictability for small businesses.”

McCracken thanked lawmakers and said that “NSBA will continue to fight this law with our lawsuit, the first filed in the country and now awaiting ruling from the Eleventh Circuit Court of Appeals.” The lawsuit, which

Months after the CTA went into effect, the NSBA filed suit in federal court. On March 1, 2024, U.S. District Judge Liles C. Burke of the Northern District of Alabama, Northeastern Division found the CTA unconstitutional. In his opinion, Burke, a Trump appointee, wrote: “Congress sometimes enacts clever laws that violate the Constitution.” This case, he continued, “illustrates that principle.” The government immediately appealed the ruling to the Eleventh Circuit and oral arguments were heard in October this year.

Additional lawsuits followed, including a decision by the U.S. District Court for the Eastern District of Texas. In this case, Judge Mazzant, an Obama appointee, granted the National Federation of Independent Business (NFIB)’s request for a preliminary injunction preventing the U.S. Treasury Department from enforcing the CTA’s reporting requirements. Because the NFIB and its nearly 300,000 members were involved in this case, the judge blocked nationwide enforcement of BOI reporting requirements. The U.S. government appealed, and the matter is now moving through the Fifth Circuit.

Meanwhile, FinCEN has backed away from its position that filings should continue, announcing on its website: “While this litigation continues, FinCEN will continue to comply with the order of the United States District Court for the Eastern District of Texas.” “It remains in effect.” For now, reports are voluntary.

The result was confusing for entrepreneurs and consultants. A congressional delay would give all parties additional leeway while the matter is resolved in court.

As written, the bill would change the reporting date for existing companies. Specifically, the new language would read: “Pursuant to regulations prescribed by the Secretary of the Treasury, each reporting entity incorporated or registered prior to January 1, 2024, must file with FinCEN a report no later than January 1, 2026, which includes the information specified in paragraph ( 2) contains the information described.”

McCracken said of the change: “This delay is a perfectly timed Christmas present for the millions of small business owners across the country who have faced an extremely complex regulatory system and fines of over $591 per DAY and up to two years in prison. “

More about the bill

The invoice does not contain any offsets, only expenses.

(There are no mentions of Social Security and Medicare plans – there is no need. The so-called entitlement programs renew automatically and are not subject to discretion.)

Republicans have a slim lead in the House and need Democratic support to pass the bill – House Speaker Mike Johnson (R-La.) seems to think he has it. However, the timing for a vote on the spending bill has not yet been announced.

You can read the text of the law here (have a cup of coffee nearby).

ForbesWith the government shutdown deadline looming, IRS funding is at stakeFrom Kelly Phillips ErbForbesEntitlement spending is in the news again – what exactly is it?From Kelly Phillips Erb