Texas Interim Select Committee eyes CU tax exemption as source for funds

<p>AUSTIN, Texas – The state Interim Select Committee on Public School Finance received a document that highlights the state credit union franchise tax exemption as a potential source for funds. According to the Comptroller’s office list, repealing SCCU’s franchise tax exemption would generate $3.6 million in new revenue for schools. The Texas League stressed that the list “is not a proposal that recommends or even suggests that the exemption should be removed at this point, but it is on the table for discussion.” TCUL General Counsel Kevin Hamby said the league knew it was very possible that the credit union exemption would be placed on a potential revenue list. The League has been following the public school finance issue closely. “Our concern is the damage that this will do to credit unions is much greater than the benefit that will be generated for the schools. The Force Committee has already started work on a report that will help clearly explain why this is detrimental to the 6.5 million Texas credit union members,” said Hamby.</p>