The Senate Finance Committee's Tax Reform Options Paper, which focuses on tax-exempt organizations that could be targeted for reform, included credit unions. The paper did not make specific recommendations regarding which tax exemptions should be eliminated in new legislation. However, it sourced a 2012 Tax Foundation study that did offer specifics, which included the credit union exemption.
According to the Finance Committee website, the group led by Chairman Max Baucus (D-Mont.) and ranking member Orrin Hatch (R-Utah) has been collecting feedback on tax reform options and presenting them in papers. The site also said the papers do not necessarily have the endorsement of either the chairman or ranking member. Baucus has previously said he supports the credit union tax exemption.
CUNA President/CEO Bill Cheney reacted to the paper by urging credit unions to get involved in the trade's "Don't Tax My Credit Union" advocacy campaign.
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