WASHINGTON (5/6/13, UPDATED, 2:07 p.m. ET)--The credit union tax status is one of many issues discussed in the just-released report on tax policy reform created by 11 House Ways and Mean working groups and delivered to the Joint Committee on Taxation.
The 550-plus page report does not contain any policy recommendations, but lists the pluses and minuses of around 400 different tax expenditures.
"Our tax preference is not alone, we have plenty of company," Credit Union National Association President/CEO Bill Cheney said Monday. "But credit unions need to be alert to the fact that our tax status is being discussed."
Cheney added, "It is vital that credit unions move to educate more of their members on the value of the credit union tax status, as their advocacy efforts could play a key role in deciding what goes into a final tax reform bill."
The U.S. House could consider comprehensive tax reform legislation before the end of July.
CUNA provides a Tax Status Advocacy Toolkit to its member credit unions to help with their efforts to educate their own members on credit union tax issues. CUNA members can use the resource link to access the toolkit.