WASHINGTON — Acting IRS Commissioner Kevin Brown recently wrote to the Senate Finance Committee that the line between tax-exempt and commercial entities is blurring, listing credit unions as key offenders, which CUNA did not take to kindly to.
CUNA President/CEO Dan Mica wrote in a letter to Brown that he "must strongly object" to his letter that included what Mica termed as "the wrongful portrayal of credit unions a "hard to distinguish from for profit banks"–thereby undermining the justification for credit unions' exemption from federal income taxation." He also accuses Brown of trying to associate credit unions with other entities recently receiving public scrutiny of their tax-exemptions.
Mica reminded Brown that Congress decides who is tax-exempt and who is not and went through the operating and public policy reasons for the credit union tax-exemption.
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