Eliminating the tax exemption for credit unions was mistakenly included in the House bill that contains the seven immediate reforms recommended by the National Commission on Fiscal Responsibility and Reform, its sponsoring congressman said last Wednesday afternoon.
"We regret that the credit union exemption was unintentionally included in the 'phase-out' section of H.R. 6474. It was intended it to be included in the 'maintained' section of the bill," said Anthony Foti, spokesman for U.S. Rep. Dennis Ross (R-Fla.)
"We have been in direct contact with many leaders in the credit union industry to ensure them that Congressman Ross is working to correct this error and he pledges to address it with a manager's amendment," Foti said.
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