Credit union tax status preserved in tax reform bill
WASHINGTON, DC (December 18, 2017) — The credit union tax status remains unchanged in the final tax reform bill unveiled today.
“Credit unions made their voices heard through every step of the tax reform process that any change to the tax status is unacceptable and amounts to an extra tax on 110 million Americans,” said CUNA President/CEO Jim Nussle. “CUNA, leagues and credit unions’ fierce advocacy efforts throughout the process resulted in this win, and now we look to build off this momentum and push Congress to enact meaningful, common-sense regulatory reform for credit unions.”
The House passed its tax reform bill last month, followed by the Senate in early December. CUNA’s advocacy resulted in a provision being removed from the Senate bill that would have imposed new Unrelated Business Income Tax requirements.
The House and Senate are expected to vote on the measure next week. CUNA is currently analyzing the specifics of the bill and will release an analysis of its impact on credit union operations in the coming days.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.