CUNA to focus on tax extenders, UBIT, excise for rest of 2018
As both 2018 and the 115th Congress wind down, CUNA will pursue several credit union priorities in the next few weeks. Congress will also work toward funding the federal government, which expires Dec. 7.
CUNA is also engaged with the upcoming Senate vote on Kathy Kraninger to become the next director of the Bureau of Consumer Financial Protection.
For the rest of 2018, CUNA will:
- Pursue the extension of two expired tax cuts, aka, “tax extenders.” One provision would not treat the discharge of mortgage debt forgiveness as income, the second retroactively made deductible mortgage insurance premiums paid in 2017 as homeowners filed 2017 returns;
- Continue its advocacy with lawmakers to fix for an excise tax disparity contained in the Tax Cuts and Jobs Act of 2017 (TCJA). CUNA believes the law creates a major parity problem between existing for-profit and not-for-profit employee contracts;
- Engage with the Internal Revenue Service to push for a delay in new Unrelated Business Income Tax (UBIT) until clear and final rules are issued.
CUNA is also working closely with new and returning members of Congress to set up its advocacy agenda for next year.