The House today passed the Republican tax bill, the Tax Cuts and Jobs Act (H.R. 1), with the credit union tax exemption fully intact. In response, National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today issued the following statement.
"NAFCU and its members thank the members of the House who had a hand in this legislation for recognizing the benefit credit unions' tax exemption provides, not only to their members, but to all consumers and the greater economy," said Berger. "We will continue to be engaged as the Senate continues work on its own bill and both chambers work to reconcile the legislative differences."
NAFCU staff remain on Capitol Hill, engaging with lawmakers in both the House and Senate as this process moves forward. The association is ensuring all members of Congress understand the economic benefits credit unions provide their communities and nation as a whole. An independent tax study released by NAFCU earlier this year that shows the cumulative benefit credit unions provide the greater economy totals $16 billion a year.
Preserving credit unions’ tax exemption remains NAFCU’s top legislative priority.