According to industry veteran John McKechnie, who was working on Capitol Hill back in 1986, the last time credit union tax exemption was on the Congressional chopping block, a "volatile" environment on Capitol Hill means credit unions should be vigilant when it comes to protecting their tax-exempt status in 2013.
Tax expenditures are receiving a lot of scrutiny as Congress looks for ways to increase revenues and cut the deficit, he said.
Credit unions were shocked Nov. 14 when it was revealed that H.R. 6474 included the elimination of the credit union tax exemption among seven immediate tax reforms recommended by the National Commission on Fiscal Responsibility and Reform. However, the author of the bill, U.S. Rep. Dennis Ross (R-Fla.), quickly removed the provision, saying it was a mistake.
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