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 state with significant small business growth and a favorable regulatory environment, emphasizing that the Act imposes unnecessary burdens and privacy issues on small businesses. It references recent court rulings that have created confusion over the reporting deadlines, further complicating compliance for Idaho business owners.

The memorial calls on the President of the United States and Congress to take swift action to repeal the Corporate Transparency Act, thereby alleviating the reporting requirements that are deemed onerous for Idaho's business community. Additionally, it authorizes the Chief Clerk of the House of Representatives to send copies of the memorial to relevant congressional leaders and Idaho's congressional delegation.