CUNA and NAFCU applauded the House Ways and Means CommitteeChairman David Camp's tax reform draft legislation on Wednesday forprotecting the credit union tax exemption.
|The release of the tax reform draft sent several industriesscrambling, including credit union trade associations, to interpretthe language to determine if their members would be subjected toany new taxes. At first, the possibility of an unrelated businessincome tax was still up in the air, but later both tradeassociations confirmed credit unions appear to have escapedpotential tax reform unscathed.
|“NAFCU spoke to senior Ways & Means Committee staff thisafternoon and they affirmed that the goal of the legislationwas not only to protect credit unions as to their federal taxexemption, but also to protect their treatment regarding unrelatedbusiness income tax (UBIT),” NAFCU President/CEO Dan Bergersaid.
|Camp's draft comes during the Michigan Republican's final termas chairman of the Ways and Means Committee.
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