Eliminating the tax exemption for credit unions was mistakenly included in the House bill that contains the seven immediate reforms recommended by the National Commission on Fiscal Responsibility and Reform, its sponsoring congressman said Wednesday afternoon.
"We regret that the credit union exemption was unintentionally included in the 'phase-out' section of H.R. 6474. It was intended it to be included in the 'maintained' section of the bill," said Anthony Foti, spokesman for U.S. Rep. Dennis Ross (R-Fla.)
- Earlier Wednesday: House Bill Has Tax Exemption on Chopping Block
"We have been in direct contact with many leaders in the credit union industry to ensure them that Congressman Ross is working to correct this error and he pledges to address it with a manager's amendment," Foti said.
"Congressman Ross is a staunch supporter of the credit unions and will continue to be a leader on their behalf," the spokesman said.
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