WASHINGTON (11/20/13)--The head of the Senate Finance Committee, Sen. Max Baucus (D-Mont.), released three draft options today, all concerning international taxation. It is expected that two other discussion drafts will be released later this week, those regarding tax administration and the cost recovery method of accounting.
As expected, the discussion drafts released Tuesday do not affect credit unions or other not-for-profit entities. The Credit Union National Association (CUNA) and other stakeholders are monitoring developments closely as lawmakers appear to be keeping a schedule of launching fully into tax reform discussions this Fall.
CUNA and credit union members across the country continue to keep pressure on Congress with the unified message, "Don't Tax My Credit Union."
As CUNA Senior Vice President of Legislative Affairs Ryan Donovan has noted, "Credit unions must make sure that lawmakers on all levels truly understand that a new tax on credit unions would be a tax on their 97 million members."
To date the "Don't Tax My Credit Union" campaign has garnered almost 1.2 million separate message s to Congress, rallying support through social media and state credit union leagues.