The House on Thursday passed its tax overhaul bill with the credit union tax exemption intact.
The House passed its bill, 227 to 205, with no Democrats voting for it and 13 Republicans voting for it.
Meanwhile, the Senate Finance Committee has been working on its version of the tax package and so far, no amendment that would affect the credit union tax exemption has surfaced.
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Credit union lobbyists said they have been watching both bills to ensure that there is no threat to the tax exemption, despite intense lobbying by banks that say the exemption should be eliminated.
"We will continue to be engaged as the Senate continues work on its own bill and both chambers work to reconcile the legislative differences," NAFCU President/CEO B. Dan Berger said, following the House vote.
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