The House and Senate have both passed tax reform legislation that leaves the credit union tax status untouched. CUNA released its analysis of the bill Monday, and President Donald Trump is expected to sign the bill into law shortly. 

“Credit unions said loudly and repeatedly throughout this process that any change to the credit union tax status amounts to a direct tax increase on 110 million Americans, and that message was heard loud and clear,” said CUNA President/CEO Jim Nussle. “With tax reform out of the way, CUNA will increase its advocacy to turn the attention on much needed regulatory relief for credit unions, relief that would mean better services and products for American consumers.”

The House and Senate passed different versions of the bill earlier this year, and the compromise bill was revealed last week.

CUNA analysis of the bill covers:

• Unrelated business income tax;
• Deferred compensation;
• Executive compensation;
• Retirement accounts;
• Mortgage interest and property tax deduction;
• New markets tax credit;
• Small business loan interest deductibility;
• Personal tax rates and deductions; and
• Effects on economic growth.