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News Now

CU System
N.H. league working to resolve BET tax issue
CONCORD, N.H. (7/13/10)--The New Hampshire Department of Revenue Administration (DRA) has notified several credit unions in the state that they may owe back business enterprise taxes (BET) on dividends they pay to members. The New Hampshire Credit Union League disagrees and is working with legal counsel to resolve the issue. Credit unions were never meant to be subject to such a tax on member dividends, according to Rob Kimmet, senior vice president of marketing and public relations at the Massachusetts and New Hampshire leagues and the Credit Union Association of Rhode Island. “The league disagrees with DRA’s decision to attempt to begin collecting BET taxes on member dividends from credit unions now,” Kimmet said. The department sent credit unions a letter last month noting that although credit unions describe such payments as dividends, the payments are interest and are subject to BET taxes.


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