WASHINGTON (5/20/15)--CUNA continues its proactive advocacy approach by reaching out to U.S. House tax policymakers who have mentioned tax reform as one of their top priorities.
Protecting the credit union tax status is a top priority for CUNA, which led President/CEO Jim Nussle to reach out to House Ways and Means Committee leadership Tuesday.
“Credit unions are Americans’ best option for financial services, and the credit union tax status represents one of the best investments that the government makes in its citizens,” Nussle wrote in a letter sent Tuesday. “We urge Congress to retain and reaffirm the credit union tax status.”
Among the benefits that come with credit unions’ not-for-profit cooperative model include:
Nussle added that taxing credit unions would likely make most credit unions disappear, while only adding an amount equivalent to 0.05% of 2014 government spending from those taxes.
Last year House Ways and Means Committee Chair Rep. Dave Camp (R-Mich.) introduced the Tax Reform Act of 2014 (H.R. 1), which retained credit unions’ tax status.
“This reflects what we believe is the committee’s deep understanding that the structure and mission of credit unions are the bedrock upon which the tax status is based and what makes credit unions unique within the financial services sector,” Nussle wrote.