Congressional committee releases new CU tax exemption cost estimate
The Congress tax scorekeeper estimated last week that between 2022 and 2026, the credit union tax exemption will cost the federal government $14.4 billion.
The report from the Joint Committee on Taxation follows a Treasury Department report from November that estimated that, during the same time period, the credit union tax exemption will cost $15.36 billion.
Impact of the Figures
Congress and the Treasury Department use different methodologies in estimating tax revenue. The Biden Administration is likely to use the Treasury Department’s figures when it releases its FY24 budget plan next year.
Congressional tax-writing committees meanwhile are likely to use the Joint Tax Committee’s figures in calculating the impact of tax policies. The joint committee is made up of members of both houses.
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