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News Now

Washington
Taxreform.gov Gives CUs New Tax Advocacy Opportunity
WASHINGTON (5/13/13)--Credit unions now have another avenue to advocate for the credit union tax status: They can post comments to a new U.S. Congress hosted website, taxreform.gov.

The site, which was developed by Senate Finance Committee Chairman Max Baucus (D-Mont.), House Ways and Means Committee Chairman Dave Camp (R-Mich.), and their staff, is intended to give citizens a voice as tax reform discussions continue in Congress. The site also explains the reasons behind current tax reform efforts, and updates readers on the progress of the tax debate.

A tax comment Twitter feed, @simplertaxes, has also been developed.

"No need to travel to Washington. Through the use of social media, we want all Americans to participate directly," the legislators said on the site.

The taxreform.gov site received more than 1,000 comments in its first 12 hours of operation.

The Credit Union National Association has alerted credit unions that the next several weeks will be key as a tax reform package is developed. Executive Vice President of Government Affairs John Magill has noted that credit unions must remain vigilant and be prepared to do what is needed to protect their tax status.

"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," he added. 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, Magill said.

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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