Although the $1.73 trillion budget proposal issued by President Obama today contains several changes in the tax code, the tax exemption for credit unions isn't touched.
There had been some concern that the exemption might be included as part of the Obama's efforts to cut the deficit since a majority of the members of bipartisan fiscal responsibility commission recommended the elimination of several business tax expenditures, including the one for credit unions.
The Obama budget proposal is just a starting point and the exemption could still be eliminated as the budget works its way through Congress or in a subsequent effort to restructure the tax system.
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"We are pleased that the president's budget submission recognizes the value of credit unions to the 92 million member-consumers that they serve by including in his budget the continuation of the credit union tax exemption." NAFCU President Fred Becker said in a statement.
To read the budget proposal, go to: www.whitehouse.gov/omb/budget/Overview/
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