NAFCU vigilant on credit union exemption as tax writers seek reform
NAFCU promised to be vigilant in defense of the credit union tax exemption yesterday as Treasury Secretary Steven Mnuchin, White House advisors, House and Senate majority leaders and the chairmen of the House Ways and Means and Senate Finance Committees released a joint statement reiterating Republicans’ goal to advance tax reform this fall.
The statement calls for the committees to draft and vote out legislation this fall and move it to the House and Senate floors for action. “As the committees work toward this end, our hope is that our friends on the other side of the aisle will participate in this effort,” it says.
The statement offers broad themes for reform – lower tax rates, more fairness, encouraging U.S. jobs – but does not address how such a package would affect current deductions, credits and exemptions, such as credit unions’ federally tax-exempt status.
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