CU tax status untouched in Senate Finance reform bill

The Senate Finance Committee unveiled its tax reform bill Thursday, and similar to the House bill, the credit union tax status is untouched.

“The Senate’s bill is a welcome step forward in the tax reform process, and we’re pleased to see the credit union tax status remains intact,” CUNA President/CEO Jim Nussle said. “CUNA and credit unions seek tax reform that builds and supports a strong middle class in this country, and we will remain engaged throughout the process as this and the House bill move through the process.”

The committee is expected to hold a markup of the bill starting Nov. 13, with likely Senate floor consideration the week of Nov. 20.

If both houses pass their bills, the House and Senate will conference and reconcile the differences in the bills, with a conference report likely the week of Dec. 18 and President Donald Trump signing the bill into law by Christmas.