Ohio Senator Brown Pens Support for CU Tax Exemption
The Ohio Credit Union League gained one for the industry team, receiving a hand-delivered letter from Sen. Sherrod Brown (D-Ohio) that voiced his formal support for maintaining credit unions’ tax-exempt status.
Brown personally delivered the letter during Wednesday’s breakfast meeting with the Ohio Hike the Hill delegation, said League Director of Media and Public Relations Patrick Harris.
In the letter to Secretary of the U.S. Department of the Treasury Timothy Geithner, Brown acknowledged that the reasons exempting federally chartered credit unions for some taxation are as true today as they were when the Federal Credit Union Act was passed 78 years ago on June 26.
“America’s credit unions are a vital part of our nation’s diverse financial industry. Accordingly, I urge you to protect the federal tax-exempt status of federal credit unions, including Ohio’s nearly 400 credit unions,” Brown wrote in the letter.
“Earning this level of proactive and vocal support has been the result of years of relationship building with Senator Brown,” Ohio Credit Union League President Paul Mercer said.