Excise Tax, Community Reinvestment Bills Target Oregon Credit Unions
The Northwest Credit Union Association is keeping a close watch on two new proposed laws, including one that would impose a corporate excise tax on Oregon’s state-charted credit unions and interstate credit unions holding any public funds deposits that exceed $250,000.
Oregon H.B. 2486 was introduced earlier month and is essentially the same bill that was introduced in the 2011 session but never received a hearing, according to the NWCUA. The excise tax also would apply to any credit union holding commercial loans that collectively exceed 10% of the credit union’s assets and would apply to tax years beginning on or after Jan. 1, 2013.