Two more Washington lawmakers have come out in favor of credit unions' tax-exempt status.

Sen. Carl Levin (D-Mich.) and Rep. Rush Holt (D-N.J.) on Monday joined Sen. Mark Begich (D-Alaska) and Sen. Tammy Baldwin (D-Wis.) in their recently announced support of credit unions' corporate tax-exempt status.

The support comes as members of Congress continue their work rewriting the U.S. tax code.

Levin, whose brother Rep. Sander Levin (D-Mich.) is ranking member of the House Ways and Means Committee and part of the group rewriting the tax code, has spoken out before on behalf of credit unions' and community banks' abilities to better serve the financial needs of consumers in the past.

He favors closing tax loopholes for large corporations as a way to add more revenue, something he doesn't see taxing credit unions as a way to accomplish.

“Tax reform efforts should not undermine our economy, or remove useful exemptions such as the tax exemption for credit unions,” Levin told the Michigan Credit Union League & Affiliates on Monday.

Holt also has been a supporter of credit unions' tax exemption, a position that has continued over time. “(Rep. Holt) always has and will continue to support the credit union tax exemption because credit unions provide needed and valued services in our local communities,” his office told the New Jersey Credit Union League.

On July 26 Alaska's Begich voiced his support of the exemption, a position echoed by Wisconsin's Baldwin told a standing-room only crowd at a meeting on the CUNA Mutual campus last week.

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
NOT FOR REPRINT

© 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.

Regulatory & Compliance