The credit union tax status is unaddressed in the tax reform legislation released Thursday by the House Ways and Means Committee, and CUNA is currently analyzing the bill for other potential impact on credit unions.
“We thank the House for taking this first step in needed tax reform, and like those who are pushing to reform, CUNA and credit unions are committed to building and supporting a strong middle class in this country,” Nussle said. “As of now, the credit union tax status remains unchanged in this bill and the bill looks good from a credit union perspective, but this is an ongoing process and change can happen anytime.
“CUNA will remain engaged with both chambers of Congress as this process continues, ensuring policymakers are fully aware of the credit union difference in the financial services marketplace and in the lives of our 110 million members,” Nussle added.
A multi-day markup of the bill will start at noon (ET) Monday in the House Ways and Means Committee, with full House consideration likely the week of Nov. 13.
The Senate Finance Committee is expected to markup its tax reform bill the week of Nov. 13, with Senate floor consideration likely the week of Nov. 20.
Once passed, House and Senate negotiators will attempt to reconcile the differing bills, with the goal of passing the conference report the week of December 18 and the bill signed into law by President Donald Trump before Christmas.