With so many states facing huge budget deficits, the banking lobby last week fired the first salvo in Oregon in a re-energized national drive targeting the credit union tax exemption.

In attacking an Oregon bill levying a corporate tax on CUs, the Northwest Credit Union Association called the House measure sponsored by the Oregon Bankers Association a retaliatory move against enactment of a 2010 law allowing CUs for the first time to hold municipal deposits over $250,000. That law does not take effect until 2012.

Under the OBA corporate tax bill, state-chartered and interstate CUs over $50 million and receiving one municipal deposit over $250,000 or holding member business loans above 10% of assets would be subject to the tax. The OBA bill was to be referred to the House Committee on Revenue with no hearings scheduled.