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News Now

Washington
Flood insurance other programs expire as tax bill awaits Senate action
WASHINGTON (3/1/10)—The Senate adjourned last week without taking up a temporary extension for such programs as the National Flood Insurance Program, Stimulus Act small business loan guarantee programs, as well as federal unemployment insurance and COBRA benefits. The House last week passed similar legislation that would have extended these and other federal programs through March 28. However, since the Senate did not act, those and other federal programs expired Sunday. It is expected that the Senate may vote on H.R. 4154, the American Workers, State, and Business Relief Act, this week. That bill would extend these federal programs through the end of the year. That legislation also has several other provisions that are of interest to credit unions, including language affecting the new markets tax credit. The legislation would also extend some fee reductions and eliminations associated with the small business loan programs contained in the Stimulus Act until the end of 2010. Credit unions should also note S. 3018, the Bipartisan Tax Fairness and Simplification Act, Senate tax legislation that was introduced by Sens. Ron Wyden (D-Ore.) and Judd Gregg (R-N.H.) last week. The legislation, which is a comprehensive tax reform package, would, among other things, legalize, regulate and license Internet gambling. The compliance date for the Unlawful Internet Gambling Enforcement Act (UIGEA), which would require credit unions and other financial institutions to establish and implement policies and procedures to identify and block restricted Internet gambling transactions, was recently pushed back until June 1, 2010. However, the Credit Union National Association and others have stated that simply pushing back the compliance date does not resolve the many issues that credit unions and other financial institutions have with the tenor of the UIGEA legislation.


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