Election Day Buys Virginia CUs Time on Tax Commission Meetings

RICHMOND, Va. – The Virginia Tax Commission, charged with studying the state’s tax code in preparation for a possible overhaul, has decided to postpone any additional meetings until after Election Day. The announcement was made Sept. 25 by committee co-chairman Del. Harry Parrish (R-Prince William) who according to the Richmond Times-Dispatch, said the planned Oct. 16th session was cancelled “because delegates and senators are busy campaigning for reelection.” This is the third examination of the Virginia tax system in four years. Despite the postponement, the Virginia Credit Union League cautioned credit unions not to be lulled in to a false sense of security. “Bankers have been putting the bug in legislators’ ears about credit unions’ tax status,” VCUL President/CEO Rick Pillow said. “Make sure that you continue to educate your legislators about the credit union difference.” The League has already launched a `State Defense Fund” to be used against attacks from the banking industry, if needed. “We do have a tax commission that is looking at finding new revenue and so we simply want to be ready in Virginia,” said Pillow. Though he declined to detail total dollar amounts raised or goals for the Fund which was launched in August, Pillow said the donations coming in have ranged $100 from the very smallest CU to contributions in the thousands. More than a fourth of the funds have been raised toward the goal, said Pillow noting also the Virginia League has adopted a very “pro active” stance in addressing the banker issue. -