Eliminating the federal tax exemption for credit unions isincluded in H.R. 6474, the House bill that contains the sevenimmediate reforms recommended by the National Commission on FiscalResponsibility and Reform.

While the possibility has been regularly raised on Capitol Hill,this is the first time since the Reagan years that the credit unionexemption has been specifically put on the table in a piece oflegislation, observers said.

Also known commonly as the Simpson-Bowles commission, thebi-partisan panel was created by President Obama in 2010 to studyand propose ways to improve the nation's fiscal health.

In this case, among a list of exemptions to be eliminated, H.R.6474 states that it would eliminate in five equal steps over fiveyears beginning in the 2013 tax year the following:

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