WASHINGTON, DC (November 10, 2017) — Credit unions’ tax exemption is untouched in a Senate Republican tax reform bill unveiled today. NAFCU has kept in close contact with House and Senate leaders to ensure preservation of the industry’s tax exemption. The association is examining the Senate bill for any additional impacts on credit unions.
“NAFCU and our members thank Chairman [Orrin] Hatch and Senate Republican leaders for recognizing that altering the tax status of credit unions would have a devastating impact not only on credit union members across the country, but also on consumers and small businesses,” said NAFCU President and CEO Dan Berger. “As both the House and Senate continue their work on tax reform, we’re staying in close contact with lawmakers to ensure the preservation of credit unions’ tax exemption and other interests.”
NAFCU is advocating five tenets for ensuring a positive environment for credit unions, and one of these is a fair playing field. NAFCU is continuing to review this tax bill and will be engaging Congress on any potential impact this legislation would have on credit unions – not only with respect to the tax exemption, but other tax code provisions as well.
The association has met repeatedly with members of Congress, including House Ways and Means Committee Chairman Kevin Brady, R-Texas, to discuss the importance of the credit union tax exemption and share an independent tax study that details the exemption’s value to the U.S. economy. Preserving credit unions’ tax exemption remains NAFCU’s top legislative priority.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
