A working group report on tax reform delivered to the the House Ways and Means Committee May 6 was overall good news for credit unions, but it included some recommendations to scrap the tax exemption, too.
On the one hand, the report from the working group on charitable/exempt organizations summarized the input it received to be overall in favor of retaining the credit union tax exemption.
And, the working group on financial services reported submissions it received suggest Congress should retain the tax-exempt status for credit unions. However, a list of groups submitting comments for the report did not include the Independent Community Bankers of America nor the American Bankers Association.
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