Credit unions are on alert about the fate of their tax-exempt status as a result of President Obama's speech outlining his deficit reduction strategy.
In his April 13 speech, he called for reviewing "tax expenditures," which include the tax-exempt status of credit unions. He said any reform should build on the calls made by his deficit-reduction commission to reduce "tax expenditures so that there is enough savings to both lower [tax] rates and lower the deficit."
Lobbyists for CUNA and NAFCU said it is too early to tell how much the tax-exempt status of credit unions could be at risk since Obama wasn't specific about which expenditures he might go after.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
