News of a tax reform bill percolating always gets the attention of credit union advocates in DC, and when DCUC picked up rumors of House Ways and Means in preliminary stages of drafting legislation, we fanned out on Capitol Hill to make sure credit unions weren’t on the table.
The measure, according to House Republican committee staff, will focus on tax credits and research projects—one staffer involved in the discussions said, “although there is a lot of paper flying around, not hearing credit unions mentioned…chairman Smith (R-MO) see the credit union tax exemption as a third rail not to be touched.”
That’s clearly good news. Two caveats: There are concerns being voiced by House members about credit unions buying banks, and at least one Ways and Means member who is active in the tax bill negotiations has expressed opposition in the past to the credit union tax exempt status. Cause for concern, but not alarm at this stage.
NDAA update: Congress is back on track to begin work on the National Defense Authorization Act (NDAA). Initially scheduled for the markup of the House version in May, the House Armed Services Committee (HASC), along with its Senate counterpart, announced that they were shelving plans to move forward with their bills until after Congress dealt with the debt ceiling.
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