Ending credit unions federal tax exemption would cost the country billions in lost revenue and jobs, according to a study commissioned by NAFCU.
WASHINGTON – Ending credit unions’ federal tax exemption would cost the country billions in lost revenue and jobs, according to NAFCU.
Letter lays out how credit unions told they have no tax exemption can prove that's not so.
“It has never been about the power or mission of the credit union,” CUNA chief pens panel leaders in reply to ABA testimony.
CEO Fred Becker, chief lobbyists ask Obama aide to support raising MBL cap, help ensure preservation of tax-exempt status.
Wednesday’s House Ways and Means Committee hearing wasn’t supposed to challenge the tax exempt status of credit unions. However, NAFCU isn’t taking any chances.
Some state-chartered credit unions have been told by the Internal Revenue Service that they are no longer tax exempt because the IRS hadn’t received their 990 forms.
Agency says not filing forms threatens tax-exempt status for some state-chartered CUs.
State-chartered CUs told problem is with filing Form 990.