Trades Confirm No New Credit Union Taxes
CUNA and NAFCU applauded the House Ways and Means Committee Chairman David Camp’s tax reform draft legislation on Wednesday for protecting the credit union tax exemption.
The release of the tax reform draft sent several industries scrambling, including credit union trade associations, to interpret the language to determine if their members would be subjected to any new taxes. At first, the possibility of an unrelated business income tax was still up in the air, but later both trade associations confirmed credit unions appear to have escaped potential tax reform unscathed.
"NAFCU spoke to senior Ways & Means Committee staff this afternoon and they affirmed that the goal of the legislation was not only to protect credit unions as to their federal tax exemption, but also to protect their treatment regarding unrelated business income tax (UBIT)," NAFCU President/CEO Dan Berger said.
Camp’s draft comes during the Michigan Republican’s final term as chairman of the Ways and Means Committee.