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As the Senate publicly begins examining comprehensive tax reform, credit unions are warning the Finance Committee that retaining the income tax exemption amounts to a life and death issue.

“Simply put, the tax exemption is an issue of survival for credit unions,” Carrie Hunt, NAFCU’s Executive vice president of government affairs and general counsel, said in a letter to the Senate Finance Committee. “If the tax exemption was removed, many would convert to banks or just go away.”

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David Baumann

Credit Union Times

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