The U.S. Treasury Department’s Financial Crimes Enforcement Network has exempted domestic aircraft-owning and leasing LLCs from beneficial-ownership reporting under the Corporate Transparency Act, easing compliance for business aviation structures across the United States. The final rule took effect in August and also covers other U.S.-formed companies and U.S. persons, while foreign entities registered to do business in the country remain within the reporting regime.
FinCEN will also remove previously submitted beneficial-ownership data that it reasonably believes belongs to U.S. persons. That shift is expected to reduce paperwork for aircraft owners, lessors and operators that rely on LLC-based structures for registration and asset holding, particularly where privacy has been a concern.
NBAA welcomed the change, saying the narrowed scope clarifies how the law applies to aviation stakeholders. The rule leaves the position of foreign companies largely unchanged, with those entities still required to disclose beneficial ownership information tied to foreign owners when they register to do business in the United States.