The House and Senate this week are expected to take up the final tax reform bill, which, to NAFCU’s urging, keeps the credit union tax exemption intact. Both chambers hope to have the bill passed and on the president’s desk for his signature before Christmas.
NAFCU President and CEO Dan Berger and other members of NAFCU’s legislative affairs team have been actively engaged on Capitol Hill and with the White House to ensure the credit union tax exemption is left alone in this tax bill. In August, the association and several member credit union representatives met with Treasury Secretary Steven Mnuchin to discuss tax reform efforts, and Berger was invited on FOX Business to explain the importance of the exemption. The association has also held numerous meetings with senators, representatives and administration officials throughout the year.
Last month, NAFCU launched a grassroots effort calling on member credit unions to defend the industry’s tax-exempt status at the local level. An independent tax study released by NAFCU earlier this year found the credit union tax exemption benefits $16 billion to the U.S. economy each year. (Read more on the tax bill here.)
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