SHREWSBURY, N.J. — According to the just-expired online Credit Union Times voting poll, the IRS' recent rulings on certain core CU products being subject to the Unrelated Business Income Tax could cause state charters to flip to the federal side.
UBIT only applies to state charters. Almost half of respondents believe that UBIT will cause state charters to convert to the federal charter.
Some of the products the IRS has called into question include credit insurance, GAP insurance, CUNA Mutual's MEMBERS financial management services, and others. The poll question and results are as follows:
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