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The long anticipated tax reform legislation was released by the House Ways and Means Committee earlier today. The CUNA Advocacy Team, including President/CEO Jim Nussle, is closely analyzing the text of the bill for any mention of credit unions or any provisions that have the potential to impact credit union operations.
CUNA’s initial analysis shows no changes to the credit union tax status. While this is good news – please remember – this legislation is just the first step in a long process. The CUNA-League System will remain fully engaged with the Ways and Means Committee, the Senate Finance Committee, and Congress as a whole as tax reforms moves through the legislative process ensuring that the credit union tax status stays untouched.
As we know from previous legislation, the devil is in the details. We are taking a deep dive into the legislative text to see how the bill may affect your credit union operations.
We’re particularly interested in any provisions relating to:
Alterations to unrelated business income tax;
Enhanced or additional IRS reporting requirements;
Exempt organization restrictions;
Changes to the home mortgage interest deduction;
Changes to the deductibility of business loan interest; and
Changes to retirement accounts.
CUNA, the leagues and credit unions have been hard at work, and will continue our fierce, 360-degree advocacy to ensure tax reform doesn’t create any addition barriers to credit unions serving their members.
While we do not have a magic 8 ball, we do have a timeline of how things could and should progress for the remaining weeks of 2017 in regards to tax reform.
House of RepresentativesToday: House Ways & Means Committee Released Text November 6 & 7: House Ways & Means Committee will markup the bill Week of November 13: The full House will vote on the tax bill
Senate Week of November 6: Senate Finance Committee will release their own version Week of November 13: Senate Finance Committee will hold markup of the bill Week of November 20: Senate floor consideration of the bill
If/when the House and Senate both pass tax reform legislation:
The House and Senate will conference and reconcile the difference in their tax legislation
- If that goes well, the House and Senate will pass the conference report the week of December 18th
- Leading to the President signing tax reform into law by Christmas
Stay engaged – the credit union system may need you and your members in the coming weeks. Just because our initial analysis is positive does not mean we can sit on our heels now. Be on the lookout for news, action alerts, and updates coming from your CUNA Advocacy Team in the coming weeks. Our goal is to keep you informed every step of the way!
CUNA supports efforts to strengthen the economy through tax reform, particularly ways to simplify the tax code, provide the middle-class with relief, and reduce unnecessary burdens stifling economic growth.
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Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
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