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CUNA Writes Treasury Opposing Repeal of CU Tax-Exemption to Pass on to Corporations

A recent Treasury analysis points to the credit union tax-exemption as one of many ways to reduced corporate income taxes, which CUNA finds entirely unacceptable.

By Sarah Snell Cooke | Updated on July 26, 2007

WASHINGTON — A recent Treasury analysis points to the credit union tax-exemption as one of many ways to reduced corporate income taxes, which CUNA finds entirely unacceptable.

Pointing to letters obtained by the group from President George W. Bush stating that he believed credit unions should maintain their tax-exemption, CUNA President/CEO Dan Mica objected to the proposal. He wrote, “To achieve the goal of reduced corporate income taxes, the paper focuses on repealing various business tax breaks, listing the exemption of credit union income among the preferences. Such a listing wholly contradicts the 2004 letter to CUNA from President Bush in which he stated, “I support strongly the tax-exempt status of credit unions, and will continue to highlight the important contributions that credit unions make to our financial system.”

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