House and Senate conference committee members unveiled their tax reform bill, and like all other versions of the bill the credit union tax status remains untouched. The House and Senate are expected to vote on the measure next week.
“Credit unions made their voices heard through every step of the tax reform process that any change to the tax status is unacceptable and amounts to an extra tax on 110 million Americans,” said CUNA President/CEO Jim Nussle. “CUNA, leagues, credit unions and members are grateful for the hard work of our advocacy army throughout the process, and now we hope to build off this momentum and push Congress to enact meaningful, common-sense regulatory reform for credit unions.”
The House passed its tax reform bill last month, followed by the Senate Dec. 2. CUNA advocacy resulted in a provision that would have imposed new Unrelated Business Income Tax requirements being removed from the Senate bill.
Members of the two chambers met in conference for more than a week to work out the differences in the two bills.
CUNA is currently analyzing the specifics of the bill and will release an analysis of its effects on credit union operations in the coming days.