Incorporation Transparency and Law Enforcement Assistance Act

[AI summary unavailable — showing source text] Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to require states receiving funding under such Act to prevent terrorism to: (1) use an incorporation system that requires applicants for forming corporations or limited liability companies (corporations), and corporations that have formed, to provide and update lists of their beneficial owners; (2) maintain beneficial ownership information for five years after the corporation terminates; and (3) provide such information pursuant to certain criminal, civil, or administrative requests. Authorizes such a state that maintains a formal licensing system for formation agents to permit such applicants or corporations to provide such information to such an agent residing in that state instead of to that state directly. Requires such an agent to certify verification of specified identifying information for corporation owners or officers who do not have a non-expired United States-issued passport, drivers license, or identification card. Specifies exempt entities. Prescribes penalties for providing false or fraudulent beneficial ownership information or for willfully failing to provide com…