Credit Unions on the “Tax Reform Options” Table: What Does it Mean?

The Senate Finance Committee’s spotlight on credit unions in its latest “tax options” report was not a surprise but was an affirmation of the need to lobby Congress to preserve the credit union tax exemption.

Congress is considering whether eliminating tax exemptions is a solution for the deficit crisis. As reported in Anthem last week, credit unions were mentioned in the latest report, along with nonprofit hospitals and charitable deductions.

Jennifer Wagner, vice president of legislative affairs for the Northwest Credit Union Association (NWCUA), pointed out the credit union mention was not a firm recommendation but is the first step in a process that should be taken seriously. She noted the need for both immediate and sustained grassroots activity by northwest credit unions and their members.

“Our threat level should be elevated, and it is,” said Ryan Donovan, senior vice president of legislative affairs for the Credit Union National Association (CUNA). Donovan is interviewed in this video released by CUNA.

“We need to be sending that message, “don’t tax my credit union” to capitol hill. We need to be sending it loudly. If they don’t hear it, they will think it’s not important to us,” Donovan said.

 

Questions? Contact a member of the Association’s Legislative Affairs team:

Jennifer Wagner, Vice President of Legislative Advocacy
Mark Minickiello, Vice President of Legislative Affairs
Pam Leavitt, Policy Advisor, Oregon State Advocacy & Grassroots

Posted in Advocacy News.