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Threat of Taxation for Texas Credit Unions Diminishes for 2004

AUSTIN, Texas - A fourth called session to discuss public school finance reform is unlikely for the Texas Legislature in 2004, reports Buddy Gill, Texas Credit Union League's SVP Advocacy. The odds are strong the legislature now will wait to discuss the issue until the 2005 Legislature begins in January....

By Staff Writer | Updated on September 21, 2004

AUSTIN, Texas – A fourth called session to discuss public school finance reform is unlikely for the Texas Legislature in 2004, reports Buddy Gill, Texas Credit Union League’s SVP Advocacy. The odds are strong the legislature now will wait to discuss the issue until the 2005 Legislature begins in January. Lawmakers currently are circulating several different tax plans. According to Gill, none of the proposals seriously being considered at this time would alter credit union not-for-profit status (aside from any general increase in the state sales tax rate, which would impact state-chartered credit unions). This includes Rep. Jim Keffer’s proposed payroll tax, which currently includes a credit union exemption. Consensus on any of the proposals continues to prove elusive among Gov. Rick Perry and key lawmakers from the House and Senate, Gill said.

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