CUNA unveiled its analysis Monday of the Tax Cuts and Jobs Act (H.R. 1), released Nov. 2 by the House Ways and Means Committee. The 439-page tax reform bill cuts taxes by approximately $1.5 trillion over 10 years, and makes significant changes to America’s tax laws.
Most importantly for credit unions, the bill does not make any changes to the credit union tax status, an affirmation of the positive impact credit unions make in the communities they serve.
Protecting the credit union tax status is CUNA’s number-one advocacy priority, and CUNA has been, and will remain, engaged throughout the tax reform process to ensure it is not altered in any tax reform legislation.
Other notable items for credit unions in H.R. 1 include:
The House Ways and Means Committee will begin a four-day markup of the bill Monday, and the House is expected to consider the bill next week.
Additional details can be found in CUNA News and on CUNA’s Removing Barriers Blog.