Tax reform debate as it pertains to the credit union tax exemption has shifted into high gear after two bank lobby groups strongly advocated last week for its elimination and Congress begins writing tax reform legislation.
First out of the gate was the Independent Community Bankers of America, who urged tax reform leaders in the Senate and House and to conduct separate hearings regarding the credit union exemption in a June 20 letter.
These hearings could examine the cost of the credit union subsidy to American taxpayers and whether it has become outmoded given the fundamental transformation of the credit union charter,” President/CEO Camden Fine wrote.
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