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News Now

CU System
Michigans new tax plan doesnt affect CUs
LANSING, Mich. (2/1/11)--Michigan Lt. Gov. Brian Calley told a meeting of credit union executives that Michigan Gov. Rick Snyder has no plans to change credit unions’ nonprofit status. Calley’s presentation clarified the impact of the governor’s recently released budget plan on credit unions, saying that the changes would not touch nonprofit tax exemptions (Michigan Monitor Jan.31). He spoke at the Michigan Council of Credit Union Executives’ Economic Summit in Ypsilanti. The Snyder administration’s budget seeks to eliminate the Michigan Business Tax and replace it with a 6% Michigan Corporate Income Tax. The only tax credit to remain will be the small-business tax credit. The proposed corporate income tax will function as a tax on profit, and should not affect not-for-profit credit unions, said the Michigan Credit Union League. The event also featured CenCorp President/CEO Bill Walby, Credit Union National Association Vice President of Economic and Statistics Mike Schenk and other presenters on risk management, capital markets and housing trends.


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