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Three Times (This Year) Won't Be the Charm for Taxation, Credit Union Proponents Say

Members of the credit union community, while standing up for the tax-exemption, do not feel that danger is imminent even after the Treasury Department--which includes the IRS--has made its third mark against the credit union tax-exemption this year.

By Sarah Snell Cooke | Updated on August 14, 2007

WASHINGTON — Members of the credit union community, while standing up for the tax-exemption, do not feel that danger is imminent even after the Treasury Department–which includes the IRS–has made its third mark against the credit union tax-exemption this year.

CUNA fiercely responded to a June 28 letter from Acting IRS Commissioner Kevin Brown to Senate Finance Committee Chairman Spencer Baucus (D-Mont.) and Ranking Member Charles Grassley (R-Iowa) that the line between tax-exempt and commercial entities is blurring, listing credit unions as key offenders. Credit unions found a strong supporter on their side: none other than Chairman Baucus. “I am a big supporter of credit unions,” he said. “Credit unions play a vital role in helping Montanans, providing communities and underserved populations with top-notch banking services. I will fight any attempt to take away credit unions’ tax-exempt status.”

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