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Tax cuts shrink appropriations pie

WASHINGTON -While CUNA and other credit union lobby groups pushed hard to get the tax bill, which included credit union-backed pension reform provisions, through Congress, CUNA, together with WOCCU, has been trying to obtain greater appropriations for international credit union development. However, cutting $1.35 trillion in taxes will have a...

By Staff Writer | Updated on June 19, 2001

WASHINGTON -While CUNA and other credit union lobby groups pushed hard to get the tax bill, which included credit union-backed pension reform provisions, through Congress, CUNA, together with WOCCU, has been trying to obtain greater appropriations for international credit union development. However, cutting $1.35 trillion in taxes will have a huge impact on what programs will receive how much funding in the future. The two groups are seeking $9.3 million in the first year through the U.S. Agency for International Development (USAID), to support WOCCU’s efforts to develop credit union systems in South Africa and Mexico. Over the next four years, CUNA and WOCCU are seeking $20 million in funding. “Although we’ve received a lot of support on the appropriate committees, there’s some pressure on the Appropriations Committee now because of the tax bill having passed and the reworking of the budget numbers,” CUNA Vice President and Senior General Counsel Gary Kohn said. “The money that was available has decreased significantly. It’s not clear yet how that’s going to come out.”

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