Industry organizations tell credit unions door is open for seeking refunds after 15-year fight with feds.
As federal tax reform lingers on Capitol Hill, Credit Union Times asked industry experts how the elimination of the credit union tax exemption could impact balance sheets.
Eliminating exemption would change playing field, increasing bottom line and management burden, execs argue.
Credit union taxation, regulation measures die in committee.
Two bank lobby groups strongly advocated last week for its elimination and Congress begins writing tax reform legislation.
The increase comes as the result of a five-year phase out of a tax provision designed to help credit unions compete with big banks.
The NWCUA has sounded the alarm about three bills that aim to tax many credit unions and implement new regulations.
Excise tax measure would apply to any credit union holding commercial loans in excess of 10% of its assets.
Texas, Florida gain residents as New York and California lose.
Credit unions that received a notice from the IRS informing them that their tax-exempt status had been revoked due to improper filing now have specific instructions on how to have it restored.