A round of applause filled the council chambers after Bloomington City Council unanimously passed the critical step in the years-long Monroe County Convention Center expansion project.  
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The council greenlighted $46,825,000 in lease rental revenue bonds to renovate the center. ​

We wanted to bring your attention to a significant update regarding the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements. 
 
What Happened?
On Tuesday, December 3, 2024, a federal district court in Texas issued a nationwide preliminary injunction that: 

• Enjoins enforcement of the CTA and its regulations related to BOI reporting requirements. 
• Stays all deadlines for compliance, including the January 1, 2025 deadline for reporting companies to submit their initial BOI report. 

 
Following this ruling, the Department of Justice, representing the Department of the Treasury, filed an appeal on December 5, 2024.
 
What This Means for Reporting Companies
As long as the preliminary injunction remains in effect: 

• Reporting companies are NOT required to report BOI to the Financial Crimes Enforcement Network (FinCEN). 
• Companies will NOT face liability for failing to report their BOI. 

 
However, FinCEN has clarified that companies may still voluntarily submit BOI reports if they choose to do so. 
 
What Lies Ahead?
The future of the CTA and its reporting requirements remains uncertain. The Texas district court’s decision is just one of several ongoing legal challenges. There are conflicting rulings from other federal district courts, and three related cases are currently under appeal. Because of this, it is crucial to stay updated on developments, as the situation could evolve rapidly.
 
Next Steps
We are continuously monitoring these developments and will advise clients as needed. Be prepared that the requirement to comply in the future if the CTA is ultimately upheld is a possibility. For further information, please visit the FinCEN Beneficial Ownership Information Reporting and the AICPA beneficial ownership information (BOI) reporting pages.
 
If you would like more detailed information on the legal case, please refer to Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.) injunction.

The Greater Bloomington Chamber of Commerce and Ellettsville Chamber of Commerce issued a joint statement to the Monroe County Commissioners and Monroe County Council this week to urge consideration of a new, more accessible, and cost-effective site option for construction of the new jail.

Bloomington Chamber President & CEO Eric Spoonmore and Board President of the Ellettsville Chamber Christa Curtis addressed the Monroe County Council on August 13 and the Monroe County Board of Commissioner’s meeting on August 14.

The two Chamber leaders presented to County Officials a new site option that is closer to the City of Bloomington. Spoonmore and Curtis also emphasized the fiscal impacts of land acquisition for the new jail. “I think it’s safe to say that these 100 or so acres of vacant land would come at a fraction of the cost of any of the other site options currently under consideration,” Spoonmore said at the County Commissioners meeting.

Spoonmore and Curtis told County Officials that the property located at 3241 W. Woodyard Road in Bloomington would meet the acreage requirements for the new justice center. The property owners expressed interest in selling the land to Monroe County Government and indicated that all necessary infrastructure including water and sewer are available to serve a new jail facility. In addition, owners of a separate property connected to 3421 W. Woodyard Road told County officials they have over 50 more acres of land to assist with jail construction. In total, over 100 acres of vacant land are available at the new site option proposed to County officials.

“We are aware that the County is considering the North Park site as the preferred option for the new justice center at a considerably higher price, and we believe that locating the justice center on that property would not only have negative fiscal impacts for taxpayers, but would be an underutilization of that important location in our community,” Curtis said. “As a gateway to Bloomington and Ellettsville, the North Park property could be incredibly valuable from an economic development standpoint.”

In light of the new site option at Woodyard Road, the Chamber leaders urged continued collaboration among the various property owners involved, elected officials, and local communities to identify and support the most strategic and cost-effective use of land for the new justice facility.
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The full joint statement by the two Chambers of Commerce can be located on the Greater Bloomington Chamber of Commerce's’ website at www.chamberbloomington.org/advocacy