House Joint Memorial No. 3 expresses the concerns of the Idaho Legislature regarding the Corporate Transparency Act of 2021, which mandates certain business entities to disclose beneficial ownership information by January 1, 2025. The memorial highlights Idaho's status as a leader in small business growth and its recognition as the least regulated state, attributing its economic success to a favorable regulatory environment. The memorial also references recent legal developments, including a nationwide preliminary injunction and subsequent court rulings that have created confusion and additional costs for Idaho business owners.

The Idaho Legislature calls upon the President of the United States and Congress to take swift action to repeal the Corporate Transparency Act, arguing that its reporting requirements impose unnecessary burdens and privacy concerns on small businesses. The memorial concludes with a directive to forward a copy of this resolution to key congressional leaders and the Idaho congressional delegation.