WASHINGTON (1/16/15)--Senate Finance Committee leadership announced the launch of five bipartisan tax-issue working groups.
An announcement from Senate Finance Chair Orrin Hatch (R-Utah) and the panel's ranking member, Sen. Ron Wyden (D-Ore.), said the groups will analyze current tax law and examine policy trade-offs and available reform options within each group's designated topic areas. Each group will be co-chaired by one Republican and one Democrat member.
The tax staff is currently assessing what tax issues would fall under which working group.
In a meeting with Senate Finance senior staff Thursday, the Credit Union National Association was told that the working group chairs will have wide discretion over what they will consider. CUNA is working closely with tax staff as the purview of each working group is determined.
Preserving the credit union tax status remains a top CUNA priority. Just last week, CUNA President/CEO Jim Nussle greeted each member of the 114th Congress as they arrived in Washington with a letter regarding credit union priorities for the next two years, which sought the lawmakers engagement to protect the credit union tax status.
"Credit unions play an important role in your state and district, providing financial services to your constituents, including savings and checking accounts, mortgage, auto, personal and business lending," Nussle wrote. "To continue these important services, we need help from Congress to protect the credit union tax status, remove regulatory barriers that prevent credit unions from fully serving their members, and hold merchants accountable for data breaches."
Policy focus areas for the working groups include:
Each group is expected to work directly with the nonpartisan Joint Committee on Taxation (JCT) to produce an "in-depth analysis of options and potential legislative solutions" within its assigned area. The Finance Committee announcement said the goal is to have one final and comprehensive analysis delivered to Hatch and Wyden by the end of May.