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 MoreNOTE: 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.