A collection of Black-owned businesses and groups supporting Black entrepreneurs in Massachusetts have sued the US Treasury Department over the Corporate Transparency Act—alleging that the beneficial ownership requirements are unconstitutional and harm businesses.
The Black Economic Council of Massachusetts Inc. and the African Community Economic Development of New England Inc., as well as business owners Tracye Whitfield, Maria Fernandes-Dominique, and Raquel Semedo, filed the suit dated May 29, alleging the law puts an undue burden on businesses and is unconstitutional.
The filing says the requirements are especially harmful to small businesses that “are crucial to the economy, ...
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