Two more Washington lawmakers have come out in favor of credit unions’ tax-exempt status.
Sen. Carl Levin (D-Mich.) and Rep. Rush Holt (D-N.J.) on Monday joined Sen. Mark Begich (D-Alaska) and Sen. Tammy Baldwin (D-Wis.) in their recently announced support of credit unions’ corporate tax-exempt status.
The support comes as members of Congress continue their work rewriting the U.S. tax code.
Levin, whose brother Rep. Sander Levin (D-Mich.) is ranking member of the House Ways and Means Committee and part of the group rewriting the tax code, has spoken out before on behalf of credit unions’ and community banks’ abilities to better serve the financial needs of consumers in the past.
He favors closing tax loopholes for large corporations as a way to add more revenue, something he doesn’t see taxing credit unions as a way to accomplish.
“Tax reform efforts should not undermine our economy, or remove useful exemptions such as the tax exemption for credit unions,” Levin told the Michigan Credit Union League & Affiliates on Monday.
Holt also has been a supporter of credit unions’ tax exemption, a position that has continued over time. “(Rep. Holt) always has and will continue to support the credit union tax exemption because credit unions provide needed and valued services in our local communities,” his office told the New Jersey Credit Union League.