LANSING, Mich.–Michigan Credit Union Division Deputy Commissioner Roger Little reiterated the tax-exempt status of Michigan state chartered credit unions in a recent letter.
The letter (2007-CU-05) 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 Section105 of the Michigan Credit Union Act, which he said clearly states that Michigan chartered credit unions are exempt from such taxation.
Little cited: "A domestic credit union is exempt from taxation by this state or a political subdivision of this state except property taxes on real property. The shares of a domestic credit union are not subject to a stock transfer tax when issued by the credit union or when transferred from 1 member to another."
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