The House passed the Tax Cuts and Jobs Act (H.R. 1) Thursday by a 227-205 vote. The bill preserves the credit union tax status and cuts taxes by approximately $1.5 trillion over 10 years.
“We’re encouraged that the tax reform process continues and that the credit union tax status remains untouched, a sign that members from both parties realize it is sound public policy that brings consumer benefits,” said CUNA President/CEO Jim Nussle. “CUNA will remain vigilant as the process continues to ensure the credit union remains unchanged."
CUNA has released its analysis of how various provisions in the bill would affect various credit union operations.
The Senate tax reform bill also leaves the credit union tax status untouched, and CUNA’s analysis is available here. The Senate Finance Committee began a multi-day markup of the bill earlier this week.