House tax reform bill passes Committee, floor consideration up next
WASHINGTON, DC (November 10, 2017) — The House Ways and Means Committee approved the Tax Cuts and Jobs Act (H.R. 1), concluding its four-day markup of the tax reform legislation. The bill leaves the credit union tax status untouched.
“Advancing this bill for House consideration is the next step in the tax reform process, and CUNA will engage with policymakers in both Houses of Congress as the process continues,” said CUNA President/CEO Jim Nussle. “CUNA remains committed to tax reforms that build and support a strong middle class, and will continue our advocacy.”
CUNA published its analysis of H.R. 1 earlier this week, examining the bill’s effect on Unrelated Business Income Tax, executive compensation, retirement savings rules, mortgage interest, property tax deductions and business loan interest deductibility, among others.
H.R. 1 is expected to see House consideration next week.
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.