Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Conn. scores victory for sales tax, state-chartered CUs
MERIDEN, Conn. (5/9/14)--In the final minutes of the state legislative session Wednesday, Connecticut credit unions secured the passage of a sales-and-use tax exemption for state chartered credit unions.

The exemption was passed by the Legislature as a part of the Gov. Dannel P. Malloy's budget implementer bill. The provision was passed with an effective date of July 1, 2016.

"This is a significant victory for state-chartered credit unions, and frankly, for our federally chartered credit unions as well," Jill Nowacki, Credit Union League of Connecticut president/CEO, told News Now . "The sales tax has been a deterrent for Connecticut credit unions in pursuing a state charter, and this provides parity between the state and federal charters."

Nowacki praised credit union advocates throughout the state for their grassroots efforts in supporting the exemption measure and offered "tremendous kudos" to Kelly Fuhlbrigge, league vice president of government relations.

The measure was initially proposed as a standalone bill. Nowacki said the league worked closely with the state Department of Banking and the governor's office to secure the exemption as part of the budget bill.

"Connecticut credit unions will now be able to choose the charter that makes the most sense for their members without a disincentive," said Howard Pitkin, Connecticut Department of Banking commissioner.


RSS print
News Now LiveWire
.@TheNCUA open board meeting starts at 10 a.m. ET tomorrow. It is board member J. Mark McWatters' first. Watch @NewsNowLiveWire
9 hours ago
.@CFPB is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
10 hours ago
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
13 hours ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
13 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
13 hours ago