WASHINGTON (UPDATED: 7/29/13, 11:40 A.M. ET)--The tax exempt status of credit unions should be retained in any tax reform effort, Sen. Mark Begich (D-Alaska) has told the chairman and ranking member of the Senate Finance Committee in making his recommendations for tax reform.
"Alaska is far removed from traditional financial centers, and credit unions play an outsized role in our economy," the Senator said in a letter to Sens. Max Baucus (D-Mont.) and Orrin Hatch (R-Utah), the chairman and ranking member of the Finance Committee, respectively.
Begich said retaining the credit union tax exemption would "ensure continued access to affordable credit for consumers, homebuyers and small businesses alike, all of which contribute substantially to economic growth."
The letter from Begich is dated July 26--the deadline the Finance Committee leaders gave to their Senate colleagues to submit recommendations for what to include on a "blank sheet" as tax preferences under a new tax code.
In making his recommendations, Begich noted that his list of recommendations was not exhaustive. "Instead, I want to focus my response to the Committee on a handful of provisions I consider absolutely critical for Alaska," he wrote.
Begich also offered recommendations with regard to Alaska natives, energy, housing and a number of miscellaneous items--which included credit unions.