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Don't Let Congress Tax Our Credit Unions! 

Unfortunately, some in Congress want to raise taxes and impose new fees on 96 million credit union members who represent 40% of all Americans, yet represent only 6% of the assets in financial institutions. And, they want to do this despite the fact that credit unions are not-for-profit and meeting their core mission every day.

Visit Don't Tax My Credit Union.org to learn more and take action!


Credit unions may also access the credit union Tax Status Advocacy Tool Kit for member communication resources!  
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Tax Reform

5/15/2013

 
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Possible Tax Reform-Debt Ceiling Link Heightens Need For CU Vigilance
Reports that a key lawmaker cleared a path yesterday for tax code reform debate--by publicly backing the idea of linking an overhaul of the tax code to an increase in the debt limit--truly highlights the need for credit unions to be vigilant in defense of their tax status right now, said CUNA Executive Vice President of Government Affairs John Magill.   Read More

Congressional Tax Reform Leaders Launch Comment Website
After just 12 hours, a new website launched by House Ways and Means Chairman Dave Camp (R-Mich.) and Senate Finance Chairman Max Baucus (D-Mont.) to gather tax reform input from the public has received more than 1,000 submissions, according to the duo’s Twitter account.

“No need to travel to Washington. Through the use of social media, we want all Americans to participate directly,” Camp and Baucus said on the site, www.taxreform.gov.  Read More
Tax Report a Mixed Bag for CU Exemption
The long-awaited working group report to the House Ways and Means Committee on tax reform, released Monday, is a mixed bag for credit unions.

On the one hand, the report from the Working Group on Charitable/Exempt Organizations summarized the input it received to be overall in favor of retaining the credit union tax exemption. Read More

Tax Reform

5/8/2013

 
Ways And Means Working Group Tax Reform Report Delivered
The credit union tax status is one of many issues discussed in the just-released report on tax policy reform created by 11 House Ways and Mean working groups and delivered to the Joint Committee on Taxation.

The 550-plus page report does not contain any policy recommendations, but lists the pluses and minuses of around 400 different tax expenditures.  Read More
Tax Report a Mixed Bag for CU Exemption
The long-awaited working group report to the House Ways and Means Committee on tax reform, released Monday, is a mixed bag for credit unions.

On the one hand, the report from the Working Group on Charitable/Exempt Organizations summarized the input it received to be overall in favor of retaining the credit union tax exemption.

And, the Working Group on Financial Services reported submissions it received suggest Congress should retain the tax-exempt status for credit unions.  Read More

Tax Advocacy

4/24/2013

 
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Recently, CUNA has updated and reintroduced their Tax Advocacy Toolkit for credit unions.  This set of resources is intended to help credit unions communicate directly with members , it features a wide variety of useful information and resources including, sample articles for credit union newsletters, sample op-eds for submission to local newspapers, statement suffers and print advertisements.  In addition, the Toolkit includes a wealth of background economic and policy data underpinning the credit union tax exemption, state-level membership data and more!

We encourage our credit unions to take a look at use the available tools and resources to communicate with their members about the importance of credit union tax status and the benefits of membership.  

Credit unions may access the toolkit at the following link

 
Bankers Storm Capitol Hill as House Mulls Tax Reform
When it comes to lobbying against the credit union tax exemption, banking trade associations hit the sweet spot this year.

Both the American Bankers Association and Independent Community Bankers of America are gathering in Washington this week and next, as the House Ways and Means Committee’s working groups collect information and make recommendations regarding tax reform.  Read More
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Fundamentals, Footwork Needed for Tax Exemption Fight for Survival
Joe Montana paid homage to his father during his address at this week’s annual NACUSO conference in Las Vegas. His father wasn't a big jock, but he could work the fundamentals with his future NFL quarterback son, like tying a tire swing up in a tree–not to swing on–but to throw the football through. Read More

Tax Worlds Collide on Capitol Hill
Tax reform debate began in earnest for credit unions April 11, when representatives from CUNA and NAFCU were called to Capitol Hill to plead their case for preserving the industry’s tax exemption before a House Ways and Means Committee working group. Read More
 
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CUNA's Tax Status Advocacy Toolkit Empowers CUs To Tell Their Member-Value Stories
More tools were added to the Credit Union National Association's Tax Status Advocacy Toolkit this week. Three newsletter articles to help credit unions talk to their members about the value of credit union membership are now  available in the ever-growing arsenal.

"Our research shows that when members understand the value of membership, they will stand with us to defend the exemption," CUNA President/CEO Bill Cheney said when announcing the toolkit created by CUNA and the state credit union leagues.  Read More

 CUs To Furloughees: 'Be Assured, We've Got Your Back'
In a stellar example of credit unions putting members' interests above the bottom line, credit unions across the U.S. are rallying to assist members with furloughs that began at midnight Friday after the federal government's stalemate on wide-ranging budget cuts, called sequestration.  Read More

More CUs Preparing Members For Sequestration Issues: A Special Report
More credit unions are advising their members on how to mitigate the impact of sequestration on their financial well-being and offering special services to reduce the impact from the gap in income generated by government furloughs.  Read More

More Stories

Tax Reform

2/20/2013

 
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Ways & Means Working Groups Initiate Tax Reform Research
The House Ways and Means Committee has announced the chairs and vice chairs who will lead 11 working groups to research tax reform.  According to a committee release, each group of lawmakers will review current law and then collect and compile feedback from stakeholders, academics and think tanks, practitioners and House colleagues.

The Joint Committee on Taxation will compile the research into a report for the full committee and present it on this coming tax day, April 15. Read More

Tax Exemption

11/20/2012

 
Credit Union Tax Exemption on Chopping Block in New House Bill
Eliminating the federal tax exemption for credit unions is included in H.R. 6474, the House bill that contains the seven immediate reforms recommended by the National Commission on Fiscal Responsibility and Reform.

While the possibility has been regularly raised on Capitol Hill, this is the first time since the Reagan years that the credit union exemption has been specifically put on the table in a piece of legislation, observers said.  Read More

NOTE: The above article was quickly followed by a news release indicating an error in legislation had occurred. More info

Ending Tax Exemption Mistakenly Added to House Bill, Sponsor Says
Eliminating the tax exemption for credit unions was mistakenly included in the House bill that contains the seven immediate reforms recommended by the National Commission on Fiscal Responsibility and Reform, its sponsoring congressman said last Wednesday afternoon.

“We regret that the credit union exemption was unintentionally included in the ‘phase-out’ section of H.R. 6474.  It was intended it to be included in the ‘maintained’ section of the bill,” said Anthony Foti, spokesman for U.S. Rep. Dennis Ross (R-Fla.)   Read More  

We are encouraging credit union volunteers, management and staff to sign up and participate in for our advocacy network.  Mistakes like these can open up many doors for those who oppose the credit union tax status.  We are all in it together to make sure we maintain the tax exemption and communicate the purpose.