Credit unions fighting to retain their tax exempt status cleared their first hurdle Thursday, as House Republican leaders unveiled tax reform legislation that retains the exemption.
The 429-page bill makes a myriad of changes in the tax code, with the intention of providing tax cuts to many taxpayers.
"As of now, the credit union tax status remains unchanged in this bill and the bill looks good from a credit union perspective, but this is an ongoing process and change can happen anytime," said CUNA President/CEO Jim Nussle, who as a House member from Iowa, was a member of the tax-writing House Ways and Means Committee.
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