X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-Every year, when the president’s budget comes out, it includes the annual estimates for tax expenditures. Among those is the credit union tax-exemption, a figure that the banking groups often use against credit unions. According to the budget’s “Analytical Perspectives,” credit unions’ tax-exemption cost the Treasury $1.29 billion in 2005. That figure is expected to jump to $1.37 billion by the end of this year. From 2007 through 2011, the budget estimated the credit union tax-exemption to be worth $8.22 billion. However, that does not account for legal tax avoidance measures that credit unions would likely take, CUNA Chief Economist Bill Hampel said. Typical tax avoidance measures could take anywhere from 10% to 50% per credit union off their hypothetical tax obligations, he said, adding that the bigger the institution, the higher the percentage saved.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.