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US district court strikes down ‘unconstitutional’ Corporate Transparency Act

A statue of Alexander Hamilton is seen outside the U.S. Department of Treasury building in Washington DC.
Photo: Chip Somodevilla/Getty Images

Ruling that the Act is unconstitutional imperils the nationwide database of beneficial ownership that was created under it.

Despite the bipartisan effort to increase corporate transparency under US law, an Alabama federal district judge has ruled that the Treasury Department cannot require small business owners to report details of their owners and others who benefit from the business.

US District Judge Liles C Burke decided that the Corporate