ARLINGTON, Va. — When Treasury released a "backgrounder" this summer referencing the credit union tax-exemption as one of several possibilities to lower the corporate tax rate, NAFCU sprang into action surveying its members on the impact that would have on them.
Interestingly, NAFCU's Flash Report survey found "almost all" respondents–only 96%–said they supported a continuation of the federal tax-exemption for credit unions.
If the tax-exempt status was repealed and credit unions paid the average tax rate banks do at 33.2%, those surveyed said there would be "many changes to their daily operations."
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