WASHINGTON — In a letter to NAFCU Senior Counsel and Director of Regulatory Affairs Carrie Hunt, Treasury Deputy Assistant Secretary for Tax Analysis Robert J. Carroll explained that the Treasury Department is not suggesting taxing credit unions.
NAFCU had written the Treasury Department following the release of its background paper for the July 26, 2007 Business Taxation and Global Competitiveness Conference, concerned it was suggesting repealing the credit union tax-exemption. Carroll wrote in response, "The Administration recognizes the important role credit unions play in our financial system. Let me assure you that the Treasury Department is not proposing that the tax exemption for credit unions be repealed."
He further explained that the backgrounder was simply an illustration of how much the corporate tax rate could be reduced and "the potentially difficult policy trade-offs involved."
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.
