Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Texas League Wins Removal Of Tax Status Review Amendment
FARMERS BRANCH, Texas (5/21/13)--A revised version of Texas House Bill 500 provides nearly $1 billion in tax relief for Texas businesses, but has no provisions that are harmful to credit unions after the Texas Credit Union League lobbied a Senate subcommittee to remove amendments from the bill.

HB 500 was recently amended on the House floor to require a periodic review of state tax exemptions, the Texas Credit Union League said Friday (The Advocate May 17). Under the amendment, the state franchise tax exemption would have been subject to ongoing review. After additional amendments were added to the bill, it was sent to the Senate.

As soon as that legislative action occurred, the league began lobbying members of the Senate to gain their support for removal of the provision. A Senate subcommittee removed all amendments from the bill Thursday. In its revised form, the bill now provides tax relief for Texas businesses, but protects credit unions and other entities with the exemption.

However, it's still possible for lawmakers to amend the bill on the state Senate floor and the league will remain on guard, said Jim Phelps, political and grassroots director for the league.

The Dallas Morning News Thursday reported that Texas Attorney General Greg Abbott told Republican House members that a special session to address redistricting could be called after the regular session ends May 28.

The Credit Union National Association and state leagues earlier this month launched a large-scale grassroots effort which seeks to mobilize America's 96 million credit union members and deliver to Congress a direct, united message: "Don't tax my credit union!" Tomorrow at 3 p.m. ET, CUNA is conducting a free webinar on the new campaign. To register for the webinar, use the link.
RSS





print
News Now LiveWire
Registration now open for @CUNA @WOCCU summer conference in Denver July 12-15 http://t.co/opq1jypsXL #ACUC #CUinDenver2015
12 hours ago
Emergency loans post- #Blizzard2015 offered by @ScientFCU in Conn. http://t.co/U9tIBzPOZV
13 hours ago
Did you get your spot in the @CUCB #CherryBlossom 10 Mile Run? Check lottery results here http://t.co/6rxT0osyWJ @CU4Kids @CMNHospitals
13 hours ago
@FamilyFirstFCU has implemented a grant program through the FHLB of NY to help first-time home buyers.
14 hours ago
#BREAKING: @federalreserve offers few new hints on rate-hike timing in policy statement http://t.co/lgZ6zZ1Vrr
15 hours ago