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CU System
City of Charleston gives tax on CUs low priority
PARKERSBURG and CHARLESTON, W.Va. (7/8/08)--A proposal for a business and occupation (B&O) tax on earnings of credit unions in Charleston, W.Va., has been given a low priority status by city officials, according to the West Virginia Credit Union League. After the league pointed out legalities surrounding the tax issue, the city decided to issue it a low priority for now and “put it out for further study,” Rich Schaffer, league senior vice president, told News Now. The league will continue to monitor the issue closely, he added. In May, the league wrote a letter to city officials warning that Charleston’s intent to tax credit unions would violate both state code and the Federal Credit Union Act, after learning through a third party that the city proposed the B&O tax as part of the state’s Municipal Home Rule Pilot Program (News Now June 9). As part of the program, state legislation had given five cities permission to find new ways to tax locally. Charleston was the first city to apply. City officials may have though they had more leeway than actually allowed by law, Schaffer told News Now last month. In a letter sent to City Manager David D. Molgaard and other city officials May 30, League President Kenneth R. Watts outlined the reasons why taxing a credit union would be a violation of state and federal code.
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