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Michigan Rep. Camp Expresses Support For CU Tax-Exemption

WASHINGTON-Congressman Dave Camp (R-Mich.), a member of the tax-writing House Ways and Means Committee, recently outlined his support of the credit union tax-exemption in a letter to Northland Area Federal Credit Union Chairman Howard Spencer. "Like you, I believe revoking the tax-exempt status of credit unions could impose additional tax...

By Staff Writer | Updated on May 25, 2004

WASHINGTON-Congressman Dave Camp (R-Mich.), a member of the tax-writing House Ways and Means Committee, recently outlined his support of the credit union tax-exemption in a letter to Northland Area Federal Credit Union Chairman Howard Spencer. “Like you, I believe revoking the tax-exempt status of credit unions could impose additional tax burdens on millions of Americans who belong to credit unions,” Camp wrote. “Please be assured I will not support policies that disadvantage credit unions or their customers.” He stated that he was aware of Ways and Means Committee Chairman Bill Thomas’ (R-Calif.) statements that he wanted to hold hearings on the tax exemptions of entities like credit unions and non-profit hospitals and whether they served their intended societal good. Camp noted that those who want to tax credit unions point to “deregulation” of the industry and their “unfair competitive advantage over other depository institutions.” However, he also pointed out that credit union supporters still believe the cooperative financial institutions are unique. “They assert that the purpose of credit unions is to serve the financial needs of their members rather than to maximize profits,” Camp wrote. “Supporters argue that taxation would eliminate this service character of credit unions.”

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