WASHINGTON (1/16/13)--Rep. Dennis Ross (R-Fla.) late Monday re-introduced his bill to reduce the federal budget deficit. As he promised the Credit Union National Association late last year, Ross corrected an inadvertent drafting error found in the original bill that threatened the federal income tax exemption for federal and state-chartered credit unions.
"Rep. Ross has a strong relationship with Florida credit unions and has been very open to us at CUNA. In fact, we met with his staff as recently as two weeks ago--the first day of the new Congress--to touch base with him and reiterate the value that credit unions bring to consumers," John Magill, CUNA executive vice president of governmental affairs said Tuesday.
"Exclusion of the credit union tax status from this legislation is consistent with Rep. Ross' statements to CUNA following the introduction of similar legislation in the 112th Congress. He remains a friend to credit unions and we look forward to working with him as the discussion about the federal budget and tax reform goes forward," Magill added.
Last year, CUNA identified language within the original bill (H.R.6474) that threatened credit unions' tax status. CUNA and the League of Southeastern Credit Unions immediately arranged meetings with Ross's office and a correction was promised.
As required by the rules of the U.S. Congress, any bill still in play when a session adjourns must be re-introduced in the new Congress to be considered. Ross assured CUNA that the bill's language would be corrected before being re-introduced this year.