The Senate Tax Committee passed its tax reform bill late Thursday night, a bill that leaves the credit union tax status unchanged. The bill, the Tax Cuts and Jobs Act, is expected to see Senate consideration the week after Thanksgiving.
“Full Senate consideration of this bill is the next step in the tax reform process, and CUNA will continue its advocacy to ensure the credit union tax status remains unchanged,” said Jim Nussle, CUNA President/CEO.
CUNA published its analysis of the bill earlier this week.
The House passed its version of the Tax Cuts and Jobs Act (H.R. 1) Thursday. If the Senate approves its bill, the two chambers will conference to work out the bills’ differences.