UBIT Forum Slated March 17 by Colorado League

DENVER – The Colorado Credit Union League has scheduled a March 17 “educational” session here for state-chartered CUs on payment of the unrelated business income tax. The meeting is being coordinated through a CUNA Mutual “Steering Committee” which for months has been focusing on the Internal Revenue Service audit to impose UBITs on state charters. The issue stirred the industry last July in several states including Alabama, Connecticut and Colorado since it impacted state-chartered CUs in those states regarding business unrelated to a CU’s primary purpose. There were some eight Colorado CUs which were subject last summer to UBIT audits. “This session is designed to keep our members informed regarding ongoing communication on UBIT,” said Dan Santangelo, manager of training and development for the League. A CUNA Mutual spokesman in Madison, Wis. said the Denver meeting is similar to one held with Connecticut credit unions and “is educational and consultative in nature.” Taking part in the Colorado session is Mark Willson, CUNA Mutual associate general counsel.