DUBLIN, Ohio (5/17/13)--Ohio's state budget bill is still being debated in the state's General Assembly, and so far it remains absent any major reforms that would impact credit unions' tax status, said the Ohio Credit Union League. However, the league said Wednesday, "until it passes, this could change at a moment's notice" (eLumination May 15).
"It is most likely that separate legislation will be introduced in the coming months that could change Ohio's tax code, especially considering the buzz by state legislators and administration officials about 'reform,' which suggests moderate tax implications at minimum," the league said.
Taxes are always on the top of the list for "reform" to make up lost revenue streams, said league General Counsel John Kozlowski.
In addition, entities such as the Ohio Chamber of Commerce are proposing that the state close tax exemptions to lessen the need for tax increases, the league reported.
Because of the fluid nature of the tax reform issues at the state and federal levels, the league said it is constantly monitoring lawmakers' discussions to protect credit union interests.
The league, like leagues in other states, have joined the Credit Union National Association in rallying 96 million credit union members to proactively advocate for preserving credit unions' tax exemption on the state and federal levels. Preserving and defending the tax status is CUNA's and the leagues' No. 1 priority.
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