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News Now

CU System
South Dakota CUs Score Another Win in Tax Battle
BROOKINGS, S.D. (1/6/14)--South Dakota credit unions achieved another victory in their battle against state banks Thursday when a resolution proposal to change the tax status of state credit unions and farm credit services failed to get support from the Brookings Chamber of Commerce  Government Affairs Committee and died on the table. 
 
A motion was made to approve the resolution; however, it failed to receive a second motion and was not called into question, the Credit Union Association of the Dakotas (CUAD) reported. If approved, the resolution proposal would have been recommended for adoption by the Brookings Chamber of Commerce and Visitors Bureau Board of Directors. 
 
While the South Dakota Bankers Association is seeking a resolution sponsor for the upcoming state legislative session, its proposal has failed to win approval from several local city, county and school boards across the state, including the Brookings County and City commissions, Yankton City Commission and School Board, the Vermillion City and Clay County commissions, and Campbell County Commission.  
 
"Over the course of the last several months I have come to the conclusion that the reason that banks are devoting so much time and energy to shouting at the rain about 'tax equality' on the local level is because they can't sell it anywhere else," Jeff Olson, CUAD vice president of advocacy, told News Now
 
CUAD will advocate for credit unions at the Yankton Area Progressive Growth Committee and at the Vermillion and Brookings School Board meetings Jan. 14. The South Dakota Legislative Session is set to open in Pierre Jan. 14.
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