LATHAM, N.Y.-A new bill (S.7126) introduced by State Sen. Hugh Farley (R-Adirondack) and currently before the Senate Banks Committee could save New York's 34 state-chartered credit unions roughly $2 million per year by repealing the 8.25% sales tax credit unions pay for purchases. This is according to Amy Kramer, vice president of governmental affairs for the New York State Credit Union League. “We want to make sure that the state charter is as attractive an option as the federal charter,” Kramer said. “This is a creative approach to alleviating state charters of this burden.”
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
