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News Now

Washington
Possible Tax Reform-Debt Ceiling Link Heightens Need For CU Vigilance
WASHINGTON (5/9/13)--Reports that a key lawmaker cleared a path yesterday for tax code reform debate--by publicly backing the idea of linking an overhaul of the tax code to an increase in the debt limit--truly highlights the need for credit unions to be vigilant in defense of their tax status right now, said CUNA Executive Vice President of Government Affairs John Magill.

"Credit unions must be educating their members--now--about the public policy value of the credit union federal tax exemption. Our research shows that informed members are ready to stand with us in this battle," Magill said.

House Ways and Means Committee Chairman Dave Camp (R-Mich.) and Senate Finance Committee Chairman Max Baucus (D-Mont.) have said they are ready to push ahead with efforts to revise the tax code. It was Camp who backed tying tax talks with debt-ceiling talks, which would create a package harder to derail during the legislative process (Bloomberg Government May 8).

On May 6, the Joint Committee on Taxation released a report detailing the findings of 11 House Ways and Means Committee tax reform working groups. (News Now May 6).

CUNA noted at that time that the next several weeks will be key in terms of what actually goes into a tax reform bill in the House and that it is possible that the House could consider comprehensive tax reform legislation before the end of July.

"This is a critical time for credit unions to be educating their members and encouraging them to contact lawmakers to express their support for the value they receive from the credit union tax exemption," Magill underscored.

"And on the political front, credit unions must use every chance possible to tell lawmakers loudly, early and often that a tax on credit unions is nothing more than a tax on 96 million Americans who are credit union members."

CUNA provides a Tax 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.
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