Senate Finance Committee

Conceding that the majority of credit unions should keep their tax-exempt status, the nation’s bankers are urging Senate Finance Chairman Orrin Hatch (R-Utah) to aggressively push legislation to require the nation’s largest credit unions to pay taxes.

“There is no reason why the largest credit unions, which act and look just like the taxpaying banks they compete with, should be completely free of income taxation,” some 52 state banking associations said in a letter to Hatch.

David Baumann

 

Credit Union Times

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