Report filled with bankers' talking points, ignores bank tax breaks.
The first question asked: Which is worse for your credit union: Regulatory burden or loss of tax exempt status?
Credit unions and consumers deserve the gift that keeps on giving – burgeoning membership and expanded services, including small business lending.
Eliminating the tax exemption for credit unions was mistakenly included in the House bill that contains the seven immediate reforms recommended by the National Commission on Fiscal Responsibility and Reform, its sponsoring congressman said last Wednesday afternoon.
Last week, credit unions’ federal tax exemption appeared to be in jeopardy. H.R. 6474 would have gradually repealed credit unions’ tax-exempt status over five years. Fortunately for credit unions, a spokesman for Rep. Dennis Ross, the bill’s sponsor, explained that the inclusion of this in the bill was accidental,...
Community bankers lobby says mistaken entry in bill "reignites the controversy."
While credit unions seem to have dodged this lob for now, it did draw attention to the credit union tax exemption, which the banking lobby is sure to relish.
Spokesman for U.S. Rep. Dennis Ross says exemption should be in "maintain" and not "phase-out" part of the bill.
Five-year phaseout of exemption in Simpson-Bowles commission bill; first time since Reagan era that eliminating exemption proposed.
Court rejects tax exemption arguments as not being part of Federal Credit Union Act intent.