The U.S. Capitol. Credit: Thinkstock
Leaders of two major credit union trade groups said Monday morning they were “cautiously optimistic” the movement’s exemption from federal taxes would not be listed for termination in the Republican tax bill to be considered Tuesday.
The House Ways and Means Committee announced late Friday that they will meet 2 p.m. Tuesday to consider the tax bill. Committee members are expected to be briefed on the bill’s contents at 1 p.m. Monday, and relayed to the press.
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Bankers have wanted the bill to include a provision to end the exemption, but representatives of America’s Credit Unions (AmCU) and the Defense Credit Union Council (DCUC) told reporters Monday that they think their strategy to ensure the exemption stays out of the bill will succeed.
“We’re cautiously optimistic regarding what is likely to be revealed today will be positive for credit unions,” Jason Stverak, chief advocacy officer at DCUC, said. “We’ll still be playing the game like we’re down by a touchdown.”
AmCU President/CEO Jim Nussle said credit unions and credit union groups have been able to convey to lawmakers over the past six months the meaning of "the credit union difference," the message of “don’t tax my credit union,” and the notion that credit unions have “earned the tax exemption” based on how they have carried out their mission.
“I’m cautiously optimistic our stay-out strategy will be successful of all that good work,” Nussle said.
Even if the tax exemption stays out of the mark-up, an amendment to end the exemption could emerge later. But Nussle and Stverak said they believe they have the leverage to defeat such an attempt.
“We are prepared,” Nussle said. “We’re locked and loaded if we need to get the tax exemption out of an amendment.”
But switching from a “stay out” to a “get out” strategy would be undesirable, Nussle said.
“It gets harder and harder the closer you get to the floor of the House.”
Contact Jim DuPlessis at [email protected].
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
