The tax overhaul legislation passed by the Senate early Saturdayretains the credit union tax exemption—virtually ensuring that itwill be retained in any tax legislation sent to President Trumpthis year.
|The Senate passed its tax bill, 51-49 early Saturday.
|While last-minute changes were being made late Friday night, nocredit union-related changes were made.
|Since the House and Senate bill retain the credit union taxexemption, it would be difficult to kill the exemption when Houseand Senate conferees meet on the legislation.
|“Something that is in neither the House or Senate bills but thenappears in a conference report is beyond the scope of matterscommitted to conference by either House and subject to a point oforder,” said Donald Wolfensberger, former staff director of theHouse Rules Committee and a congressional scholar at the WoodrowWilson International Center for Scholars.
|“Conference committees are established to resolvedisagreements between the House and Senate over their versionsof the same bill,” the Congressional Research Service said in a2015 report. “Therefore, the authority of conferees is limited tomatters in disagreement.”
|While Washington lobbyists continue to scour the bill, theAmerican Bankers Association, which has lobbied hard to kill theexemption, already said it is disappointed that the legislationdoes not change it.
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