Congress plans Nov. 3 hearing on CU tax status

WASHINGTON (10/25/05)--The Credit Union National Association (CUNA) and state leagues were activating response plans after it was confirmed yesterday that the House Ways and Means Committee scheduled a hearing on credit unions' tax status for Nov. 3.

Credit unions' federal tax exemption is expected to be the oversight hearing's focus--similar to one held in May on the tax-exempt hospital sector. No markup of legislation is expected.

The committee did not announce witnesses for the credit union hearing. However during the hospital hearing in May, witnesses included represenatives from the Internal Revenue Service and the Goverment Accountability Office.

CUNA President/CEO Dan Mica said confirmation of the hearing came after the national trade association in recent weeks had received indications that a tax hearing was in the works.

"CUNA and the leagues are ready," he said. "We are implementing a plan to ensure lawmakers hear a strong message from credit unions about why the tax status continues to be justified."

"Because credit unions are not-for-profit financial cooperatives, legislators need to know a tax on credit unions is a tax on 87 million Americans," said Mica. "Legislators need to understand how a new tax on credit unions would impact their constituents who are credit union members."

For more information about why credit unions are tax-exempt or to contact members of Congress, use the resource link below.

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