Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
New Hampshire CU makes case vs. states BET
MANCHESTER, N.H. (7/21/10)--A New Hampshire credit union believes the state’s Department of Revenue Administration should not ask credit unions to pay back business enterprise taxes (BET), according to a Tuesday editorial in Foster’s Daily Democrat. The New Hampshire Credit Union League concurs. “Two recent cases make the point of just how far the state is willing to stretch common sense and credulity in its quest to close a multimillion dollar budget gap,” said Foster’s Daily Democrat. “Last month the Department of Revenue Administration notified several credit unions they may need to pay back business enterprise taxes. The state argues that the dividends credit unions pay to members are really interest payments and therefore subject to taxation under the BET.” The paper mentioned how Michael L’Ecuyer, president/CEO of Bellwether Community CU in Manchester, highlighted the weakness of the state’s BET position. “L’Ecuyer noted that the BET has been in place since 1993 without the state trying to collect the tax,” the paper wrote. “That’s nearly two decades late to the dinner table for anyone from [the Department of Revenue Administration] who has trouble with math. In addition, L’Ecuyer's credit union has used three different audit firms that never interpreted the law in this manner.” The New Hampshire league agreed. “The Business Enterprise Tax was never applied to credit union dividends because the legislature specifically excluded credit union dividends from this tax in 1993 when the legislation was written,” Dan Egan, president of the New Hampshire and Massachusetts credit union leagues and the Credit Union Association of Rhode Island, told News Now. “We are working with legal counsel to make this clear to the Department of Revenue Administration.” To read the editorial, use the link.
Other Resources

RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
11 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
12 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
13 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
14 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
14 hours ago