WASHINGTON (12/22/14)--Comprehensive tax reform is expected to play a major part in the 114th Congress, and the Credit Union National Association plans to be an active player in ensuring credit unions' tax status is maintained. That's what Ryan Donovan, CUNA senior vice president of legislative affairs, said in a video interview with News Now.

"As we look to 2015 and 2016, credit unions need to take the tax reform discussions very seriously," Donovan said. "We'll be actively advocating for the credit union tax status beginning at the start of the year, through the Governmental Affairs Conference and through the course of the entire Congress. Because tax reform won't be done until a president, whether it's President Obama, Clinton, Cruz, Christie, you name it, signs a bill."

In the interview, Donovan mentions three recent tax reform plans from Sen. Orrin Hatch (R-Utah), incoming chair of the Senate Finance Committee; Sen. Tom Coburn (R-Okla.); and Rep. Dave Camp (R-Mich.), outgoing chair of the House Ways and Means Committee.

Hatch's plan and Camp's plan are likely to serve as foundations for the way their respective committees might approach tax reform, Donovan said.

"We expect both the incoming chair of the Ways and Means Committee Paul Ryan (R-Wis.) and incoming chair of the Senate Finance Committee Orrin Hatch to very actively pursue comprehensive tax reform," he said. "With Republicans controlling both chambers of Congress, there's an expectation that they will produce a budget, and that in the course of producing that budget they may give reconciliation instructions to complete comprehensive tax reform."