ARLINGTON, Va. — Upon hearing of Treasury's consideration of repealing the credit union tax-exemption, NAFCU issued a stern letter against the idea that would change the very nature of credit unions.
The Treasury Conference on Business Taxation and Global Competitiveness advocates reducing the tax burden on corporations by, in part, taxing credit unions.
"NAFCU strongly disagrees with the Department of Treasury's analysis related to the repeal of credit union tax exemption and urges the Department of Treasury to retract the suggestion that the exemption of credit unions from income tax should be repealed," NAFCU Senior Counsel and Director of Regulatory Affairs Carrie Hunt wrote in a letter to Treasury.
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