LATHAM, N.Y.–New York Senator Thomas Morahan (R-Westchester/Rockland) has withdrawn his bill to tax federal credit unions in the state.
The New York State Credit Union League said it has learned that Morahan has withdrawn his sponsorship of S. 5701. The league was taken a bit aback by the introduction of the bill initially but went straight to work immediately contacting Morahan's staff. It followed up with letters, calls, and visits from constituent credit union executives and volunteers and its Governmental Affairs Conference on May 21.
"It felt wonderful to see the cooperative spirit and strength of New York credit unions that was exhibited when our tax-exempt status was threatened," league President/CEO William J. Mellin said. "I believe it was the constant credit union presence over the last four weeks that had the Senator and his staff re-examine the validity of the bill and ultimately withdraw it."
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Morahan, a member of the Senate Banks Committee, had been considered a supporter of credit unions prior to his April 25 introduction of the bill. NYSCUL and credit unions in his district will continue their outreach to the senator.
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