WASHINGTON (12/12/14)--Nearly 11 months after releasing his plan for a tax code overhaul--which made no change to the credit union tax status--retiring House Ways and Means Committee Chairman Dave Camp (R-Mich.) Thursday introduced the plan as legislation (H.R. 1).
Credit Union National Association President/CEO Jim Nussle issued a statement of thanks for Camp. "I am grateful for Camp's long-standing support for credit unions, our not-for-profit, cooperative business structure and his service to the country," Nussle said.
When Camp unveiled his tax discussion draft in February, CUNA thanked him for his treatment of credit unions. Allowing credit unions to retain their federal tax status enables the financial cooperatives to fulfill their mission to "promote thrift and to provide access to credit for provident purposes to members," CUNA said in a letter to the Ways and Means leader.
As the country's tax policymakers hammered out the tax discussion draft in 2013 and into 2014, CUNA launched its massive and aggressive "Don't Tax My Credit Union" social media blitz--which witnessed consumers and federal lawmakers alike tweeting resounding support for credit unions.
Also on the tax front on Thursday, Sen. Orrin Hatch (R-Utah) released a lengthy report on issues surrounding the U.S. tax code he wants to see addressed in a reform effort. Hatch is expected to become chair of the Senate Finance Committee in January when the Republicans become the majority party in that chamber, as they are in the House.
Retaining the credit union tax status is the top advocacy issue for CUNA, and the association is closely reviewing the Hatch report to identify any issues that could affect the financial cooperatives.