The credit union tax exemption will cost the federal government $14.4 billion between 2016 and 2020, an influential congressional committee says in a new report.
The estimate is contained in an annual report on tax expenditures published this week by the congressional Joint Committee on Taxation. The committee's tax estimates are likely to be the starting point for any calculations in comprehensive tax reform.
Congressional Republicans have said that they want to tackle comprehensive tax reform during the current Congress—a commitment that was repeated by Senate Finance Chairman Orrin Hatch (R-Utah) in a speech Wednesday at the U.S. Chamber of Commerce.
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