Throwing the equivalent of a political "Hail Mary," the Independent Community Bankers of America is asking House-Senate conferees on the tax overhaul bill to reconsider their decision to leave the credit union tax exemption intact.
"ICBA and community banks across the nation are disappointed that the tax reform process has, thus far, ignored the significant and increasing base erosion caused by the burgeoning tax-exempt credit union industry and tax-advantaged Farm Credit System," ICBA President/CEO Camden Fine said in a letter to the leaders of the tax conference committee on Thursday. "This is a glaring omission."
The House and Senate have passed their plans to overhaul the tax code and conferees now have the responsibility to reconcile differences between the two.
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