WASHINGTON (UPDATED: 7/30/13, 11 A.M. ET)--Rep. Dan Kildee (D-Mich.) has spoken out in support of the credit union tax exemption, noting the critical role credit unions play in Michigan's economy in a statement to the Michigan Credit Union League.
"Credit unions offer unique benefits and services to their members," Kildee said, "from the everyday worker who opens a savings account with a favorable interest rate, a family with a low-interest home mortgage loan to buy their first home, or an entrepreneur with access to a small business loan, credit unions have historically been structured in a way that directly benefits their members in my district and across the nation."
The House Financial Services Committee member said he has heard from many constituents who, like him and his family, "are members of credit unions and strongly support the services they provide to our local community and economy."
MCUL & Affiliates CEO David Adams today thanked Kildee for his strong statement of support for credit unions. "His statement gives a strong and credible endorsement for the credit union tax exemption being good public policy. We're hopeful that other members of the Michigan delegation will also affirm their support in a similar way," Adams said.
Kildee's support also reaffirms the importance of grassroots outreach, Adams added. Kildee's tax status statement follows Sen. Mark Begich's (D-Alaska) announcement that he too supports the credit union tax exemption.
Begich in a July 26 letter to the chairman and ranking member of the Senate Finance Committee said the tax exempt status of credit unions should be retained in any tax reform effort. (See News Now story: CUNA: Sen. Begich Letter Shows CU Tax Status Commitment.)