State and Local Tax Status

Impact

Credit unions are democratically owned and controlled not-for-profit cooperative financial institutions that take pride in their “People Helping People” philosophy. Credit unions are exempt from state income tax because of their structure as not-for-profit financial cooperatives and their mission to promote thrift and provide access to credit for provident purposes.

Where We Stand

Credit unions have faced state tax threats in several states.  While no bills taxing credit unions have been introduced recently, the battles come in the form of legislative proposals, media stories and research studies.  CUNA and the Leagues have vigorously responded to attacks with state action alerts, advertisements, research studies and media responses.

What We've Told Lawmakers & Regulators
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Removing Barriers Blog
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CUNA White Papers

House of Representatives Tax Reform 
CUNA White Paper 
November 6, 2017

U.S. Senate Tax Reform 
CUNA White Paper 
November 13, 2017

 

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