WASHINGTON (1/14/16)--As expected, Rep. Devin Nunes (R-Calif.) introduced his comprehensive tax reform bill Tuesday, known as the American Business Competitiveness (ABC) Act. The bill, which has 26 original co-sponsors, states specifically that it imposes no new taxes on credit unions.
The Credit Union National Association (CUNA) and the California Credit Union League worked closely for six months with Nunes, a longtime credit union supporter, and his staff to represent credit union concerns in the development of this legislation.
Ryan Donovan, CUNA’s chief advocacy officer, praised the lawmaker and his bill for the understanding shown of “the public policy value of the credit union tax status.”
Preserving the credit union tax status is a top advocacy priority of CUNA, the state credit union leagues and credit unions.
CUNA research indicates that consumers saw benefits of an estimated $12 billion in savings in 2014 alone, due to credit unions' lower fees, lower rates and higher yields on deposits. Approximately $2 billion of these savings affect bank customers due to credit unions’ competitive effect on the financial services market.