Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Marylands special session includes some CU bills
COLUMBIA, Md. (12/12/07)--Maryland’s legislature recently held a 2007 special session in which 94 bills were introduced, with only a few affecting credit unions (FOCUS Newsletter Dec. 10). Maryland Gov. Martin O’Malley signed six bills into law:
* HB 1--Budget Reconciliation Act; * SB 2--Tax Reform Act of 2007; * SB 3--Maryland Education Trust Fund-Video Lottery Terminals; * HB 4--Video Lottery Terminals-Authorization and Limitations; * HB5--Transportation and State Investment Act; and *SB 6--Working Families and Small Business Health Coverage Act.
While credit union service organizations (CUSOs) are probably subject to any applicable corporate tax provisions, credit unions should pay particular attention to the Tax Reform Act of 2007 (SB 2), according to the Maryland and District of Columbia Credit Union Association (MDDCCUA). SB 2 creates a Maryland Business Tax Reform Commission that will review and evaluate the state’s current business structure. It will be composed of 17 members who must submit an interim report by Dec. 15, 2010, and a final report before Dec. 15, 2011. Two other bills are of interest to credit unions: HB 55, which would increase the annual filing fee for state-chartered credit unions from $300 to $1,000; and HB 30, which would cause the balances on certain gift certificates to be considered abandoned four years after they were acquired, the MDDCCUA said. The gift certificate funds also would be considered abandoned if they were unused for one year. The abandoned funds would be turned over to the Maryland Education Fund by the state comptroller. Both bills failed, but it is highly likely that most of the failed bills from the special session will reappear when the 2008 Maryland General Assembly begins Jan. 9, said the MDDCUA.


RSS





print
News Now LiveWire
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
14 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
15 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
16 hours ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
16 hours ago
CCUA hosts @TheNASCUS college for #creditunion directors http://t.co/CftpSXDKWx
19 hours ago