WASHINGTON (11/25/13)--In this week's edition of The Cheney Report
, Credit Union National Association President/CEO Bill Cheney updates credit unions on the status of national tax talk, and details what South Dakota credit unions are doing to repel tax attacks on a local level.
Credit unions were neither the subject--nor were they mentioned--in the first tax reform discussion draft released last week by Sen. Max Baucus (D-Mont.), chairman of the tax-writing Senate Finance Committee. However, Cheney wrote, "we do expect the momentum to pick up in the first part of the New Year." House Ways and Means Chairman Dave Camp (R-Mich.) has said an early 2014 markup of tax legislation is likely. "In the meantime, it's vital that we continue to loudly urge lawmakers 'Don't Tax My Credit Union,' as the content of these early legislative drafts--especially maintaining our tax exemption within them--remains crucial," Cheney added.
One group taking up the 'Don't Tax My Credit Union' fight on a local level is the Credit Union Association of the Dakotas, who, alongside credit unions from that state, has challenged efforts by South Dakota banks to attack the credit union tax exemption at the county level.
Bankers in the state are bringing "tax equity resolutions" for consideration by local county commissions, which call for county support of repeal of the exemption. However, Cheney mentioned, the credit unions are fighting back. One resolution which banks brought before a county commission was tabled, indefinitely, by a vote of 4-0, Cheney reported. "But the bankers are still at it--and we're working with the CUAD to help them in every way we can to push back this latest scheme by bankers to attack our tax status," he wrote.
This week's Cheney Report
- Information on how United Educators CU, Apple Valley, Minn., has worked with the Minnesota Department of Commerce to create a program to help parents educate their children about managing their finances;
- Results from last week's National Credit Union Administration board meeting; and
- Details on CUNA's regulatory relief letter to the NCUA.
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