LANSING, Mich. — Roger Little, Michigan deputy commissioner of credit unions, wrote a letter last week (2007-CU-05) reiterating the tax-exempt status of Michigan state chartered credit unions.
The letter stated that the Office of Financial and Insurance Services discovered that some local governments had attempted to collect personal property taxes from state chartered credit unions. Little pointed to Section 105 of the Michigan Credit Union Act, which clearly states that Michigan chartered credit unions are exempt from such taxation.
The deputy commissioner recommended keeping a copy of the letter on file.
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