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tax reform and credit union tax exemptionWhile tax reform legislation has undergone several false starts over the past three years, emerging signals from Capitol Hill suggest that credit unions would be well-advised to keep a close eye on developments in 2016 as a prelude to serious efforts to overhaul the code in 2017-2018.

New House Ways and Means Chairman Kevin Brady (R-Texas) returned from the annual agenda-setting committee retreat Feb. 1 saying that, while business tax reform legislation won’t happen in 2016, he intends to lay the groundwork for a comprehensive bill by using international reform as a dress rehearsal. “It is urgent that we move forward on international tax reform; success on that front allows us to focus in 2017 on comprehensive tax reform that includes both the personal and business codes,” Brady commented. The first Ways and Means hearing on the subject will occur Feb. 24.

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