WASHINGTON (12/9/13)--While tax reform talk may soon subside in Washington over the holiday break, Credit Union National Association President/CEO Bill Cheney said credit unions must remain vigilant, as "attacks on our tax status in the states show no sign of letting up."
In this week's edition of The Cheney Report, Cheney noted that House Ways and Means Committee Chairman Dave Camp (R-Mich.) last week told reporters that tax legislation is unlikely to emerge from his committee before year's end, and that he would likely hold off unveiling a tax reform bill until February or March. CUNA Senior Vice President of Legislative Affairs Ryan Donovan said both parties agree on the need for tax reform, "but when you get down to the details, you see they are still pretty far apart." Republicans, Donovan said, oppose tax increases, but Democrats insist that new revenues are part of the discussion.
Cheney said the delay of federal tax proposals is "not stopping attacks by bankers in states such as South Dakota, which has been weekly fending off 'tax resolutions' against our tax status brought by bankers on a county-by-county basis."
In CUNA's view, the South Dakota attacks are part of a trend: Other threats have emerged in Illinois and in other states. One member of the House Ways and Means Committee, Rep. John Larson (D-Conn.), said "vigilance is eternal" in credit unions' campaign to maintain their tax status. Larson made his remarks in a video arranged by the Connecticut Credit Union League. (See Dec. 5 News Now story: Rep. Larson Urges CUs to Remain Vigilant in Tax Status Advocacy: Camp Says No Bill in 2013.)
CUNA continues to encourage credit unions to use CUNA and state credit union league resources, social media sites including Facebook, and micro-video site Vine, to tell their legislators, "Don't Tax My Credit Union!" Credit union and member tax advocacy efforts have remained strong. Almost 1.2 million separate congressional contacts have been made since mid-May to support credit unions in ongoing tax talks.
This week's Cheney Report also includes:
Use the resource link to read the latest in The Cheney Report.