HARTFORD, CT (May 8, 2014) -- The Connecticut legislature voted last night to allow state-chartered credit unions an exemption to the Connecticut Sales and Use Tax.
This provision, as part of the Governor's Budget Implementer Bill, passed late Wednesday evening in the final minutes of the legislative session. Similar to other provisions in this bill, the sales tax exemption will go into effect July 1, 2016.
Connecticut Department of Banking Commissioner Howard Pitkin said, "I am extremely pleased that state-chartered credit unions will have a level playing field with federal credit unions. Connecticut credit unions will now be able to choose the charter that makes the most sense for their members without a disincentive."
"This is a significant victory for Connecticut's credit unions," said Jill Nowacki, President/CEO of the Credit Union League of Connecticut. "Securing this exemption at a time of scrutiny nationwide is a testament to the power of grassroots advocacy."
"This win would not have been possible without active engagement from credit union leadership who effectively demonstrated the unique structure and benefits of credit unions to legislators, and the efforts of a very dedicated League staff, led by Kelly Fuhlbrigge."
Founded in 1935, the Credit Union League of Connecticut advocates and provides services for credit unions in Connecticut. Through proactive involvement in state and federal legislative and regulatory issues affecting credit unions, and with training and educational sessions on compliance, operations, human resources, and a variety of other areas, the League seeks to assist Connecticut credit unions in their pursuit of safety and soundness as they seek to provide superior service and help improve the financial lives of their members.