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News Now

Washington
NEW: Tax committee staff clarifies: No intention to impose additional tax on CUs--including UBIT
WASHINGTON (2/26/14, UPDATED 6:24 p.m. ET)--It is not the intention of the House Ways and Means Committee to impart any additional taxes on federal credit unions, the committee staff clarified in response to inquiries by the Credit Union National Association. The exchange occurred just hours after House Ways and Means Committee Chairman Dave Camp (R-Mich.) unveiled his tax code reform plan.
 
As News Now reported earlier in the day, CUNA noted the specific credit union tax status was left untouched in the tax reform plan, but it did raise some additional tax issues that were of concern.
 
"This evening, CUNA senior staff contacted senior staff members of the House Ways and Means Committee to ask them why, under the tax reform discussion draft issued today by Chairman Dave Camp (R-Mich.), federal credit unions would be subject to unrelated business income tax (UBIT) under the details of the proposed tax reform measure," CUNA President/CEO Bill Cheney said after the high-level exchange.
 
"As a result of our discussion, the senior staff members told us that it was never their intention to impose any additional taxes on federal credit unions. Further, they told us that anything that would impose taxes on credit unions--including UBIT--was unintentional and is why they have established a process that includes release of a discussion draft.
 
"They told us they appreciated the head's up from us, and that they would work with us to iron out the details."
 
Cheney went on to underscore that credit unions greatly appreciate the willingness of the Ways and Means Committee staff to listen to concerns and respond accordingly. "We look forward to working with them, and Chairman Camp, as the tax reform process moves forward," Cheney added.
 
The CUNA leader also extended his thanks to the record 4,400 CUNA Governmental Affairs Conference participants who came to Washington this week to voice the views and concerns of credit unions; he emphasized that this result could not have occurred without them.


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